Hi All,
Its been a while since ive posted.. just been on cruise control waiting to file sometime this year.. My strategy has been to wait until after the 3 investment property foreclosures are complete (should be this year) and then wait until I get sued by credit cards. Havent paid any since April 2009.
With regards to my primary residence, Ive stopped paying 1st and 2nd since November trying to get a mod on the 1st and a 5% settlement on the second.
But during this unknown period, they may still start a foreclosure on me and I believe that I need the home mtg expenses to qualify for means test of CH7.
Question 1: So, if the home does goto foreclosure process, would it be possible to get it out of the foreclosure process by paying the missed payments and fees or would it be too late as I will receive an official NOD and Acceleration Action as of March 7, 2010.
Fyi - the home value is around $350k and I owe $370 on 1st and $122 on second..
Question 2: With regard to investment properties, Ive neen told that it doesnt matter if you file before or after the house is completely foreclosed on and sold as the 1099c will be discharged in the year that you file BK. Is that correct?
Thx for any input
Its been a while since ive posted.. just been on cruise control waiting to file sometime this year.. My strategy has been to wait until after the 3 investment property foreclosures are complete (should be this year) and then wait until I get sued by credit cards. Havent paid any since April 2009.
With regards to my primary residence, Ive stopped paying 1st and 2nd since November trying to get a mod on the 1st and a 5% settlement on the second.
But during this unknown period, they may still start a foreclosure on me and I believe that I need the home mtg expenses to qualify for means test of CH7.
Question 1: So, if the home does goto foreclosure process, would it be possible to get it out of the foreclosure process by paying the missed payments and fees or would it be too late as I will receive an official NOD and Acceleration Action as of March 7, 2010.
Fyi - the home value is around $350k and I owe $370 on 1st and $122 on second..
Question 2: With regard to investment properties, Ive neen told that it doesnt matter if you file before or after the house is completely foreclosed on and sold as the 1099c will be discharged in the year that you file BK. Is that correct?
Thx for any input