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CC and house payment questions

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  • CC and house payment questions

    My wife and I are going to file Chapter in the next couple of months. I just now got up the nerve to stop making CC payments. The phone calls started exactly one day after I was late on the first payment. My question is about our mortgage. We still have 30 years left on the mortgage and are current on our payments. Is it better to keep the mortgage payments on time and up to date or should we put the money away ? Will BOA foreclose while we are in BK or will the late payments and late charges be wiped out in BK ?
    Thanks for your replies in advance.

  • #2
    Hi..you never put which chapter you are filing (although I'm not sure that matters in answering your question). I'm not sure I would mess with my mortgage payments unless you have spoken to a lawyer and know when you're going to file and have discussed what is going to happen when you do file. If i'm wrong someone will let us know, but your mortgage payments will NOT be wiped out during your BK. If you were to pay outside the plan that is set up and you didn't make payments they could foreclose per your mortgage documents you received. I hope that makes sense.
    Filed Chapter 13 - 07/20/12
    Discharged 8/2/16

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    • #3
      This is in the Chap 7 Forum, so I assume that overextend is filing a Chap 7. It is best to keep your payments up to date, but if you absolutely need the cash (to pay attorney fees for example) and will be able to catch back up after filing, then you could stop paying the mortgage. In order to foreclose before your discharge, the mortgage company would have to file a motion with the court to have the automatic stay lifted. You would have to be prepared to bring those payments up to date quickly to avoid the stay being lifted. If they do not apply to have the stay lifted, they would have to wait until after discharge to foreclose. Unless you have an emergency that requires you to file now, you are better off keeping the mortgage payments current. Stop paying only as a last option and only after discussing the situation with your attorney.

      Even in a Chap 13, if the debtor does not surrender the property, the lender must get relief from automatic stay to foreclose even if the mortgage is paid directly and not by the trustee. If the debtor surrenders the property, then the lender can foreclose any time after the plan is confirmed. "Outside the plan" is really an inaccurate description because all of your secured debt payments are part of the plan even if you pay them directly to the lender.
      LadyInTheRed is in the black!
      Filed Chap 13 April 2010. Discharged May 2015.
      $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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