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Is it too late to chg my mind?

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  • Is it too late to chg my mind?

    I havent made a pay on anything since june and i was planning to do a 7. But today i was looking at rentals and they all stated "good credit" as well as being more $$$ than i can really afford! I freaked out! Can i file a 13 and save my home now or by not paying is it too late??? Thanks for input!
    Discharge date: October 2017 (will it ever get here?)

  • #2
    If you haven't paid since June your good credit is already in trouble as you are over 30 days late and will be reported to the bureaus. Sounds like you need to do a little more research before you make a decision such as your home's value versus what you owe on it. Is there a second mortgage? Etc....

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    • #3
      Yes i am underwater! But better than being on the street! I should have done more research for sure! I hope i am not too late to stay put!
      Discharge date: October 2017 (will it ever get here?)

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      • #4
        It's not too late to file a 13, but it may not be the right decision. And, as already pointed out, your credit rating is already damaged.

        Renting may be more difficult without a good credit rating, but it isn't impossible. Keep in mind that you have at least a few months to find a rental before the bank gets around to foreclosing. You do not have to move out of your house just because you file BK. Don't be discouraged to quickly.

        You say you can't afford the rents in your area. With all the foreclsoures, rents have increased along with demand. Is your mortgage lower than what you can rent for? Don't forget to include insurance, property taxes, maintenance and your income tax deductions. If it is really cheaper for you to stay, do you have the income to support a Chap 13 plan that will pay mortgage arrears in 36 to 60 months while making regular monthly mortgage payments?

        Many will say that if your home is far enough underwater, you should walk away. If you can afford to keep the home, I think there is more to consider than that. One of the big factors in my decision, besides the fact that I can't rent for less, is that my first mortgage is a purchase money loan on which California Law prohibits the collection of a deficiency. So, I can still walk away later and not have personal liability for the mortgage, even though it won't be discharged in my Chap 13.

        Carefully consider your options. But, don't make a decision based on a fear that you won't be able to find a rental after BK.
        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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        • #5
          I am in ca too! Yes at the end os chap 13 with second gone i would be ok. Yes my first and hoa is less than rents by over 600 or more a month! I want to keep it because of location as well! It 10 min from my work and daughter school. I hope i can keep it, after all when it is over i wont be underwater any more if they strip the 2nd.
          Discharge date: October 2017 (will it ever get here?)

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          • #6
            But since i havent filed i can go with 13???
            Discharge date: October 2017 (will it ever get here?)

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            • #7
              Originally posted by dmc-2008 View Post
              I hope i can keep it, after all when it is over i wont be underwater any more if they strip the 2nd.
              That comment makes me think you may not be able to strip the second. You can only strip the 2nd if the value of the house is equal to or less than what you owe on the first mortgage.

              Originally posted by dmc-2008 View Post
              But since i havent filed i can go with 13???
              Based on the very little information I know, I don't see why not, assuming you have regular income and can propose a feasible plan. Being late on debt payments don't disqualify you from a Chap 13. In fact, being late on a mortgage is often a reason to consider a Chap 13.

              Take the total arrears on your 1st mortgage and divide it by 60. Can you handle a plan payment of at least that amount and make monthly mortgage payments? (it will be a little higher than that to include trustee fees and could be much higher depending on your income and any non exempt assets you may have)

              Just because you can file a Chap 13 doesn't mean you should. Have you consulted with any BK attorneys?

              As far as the ability to walk away later, is your first mortgage a purchase money loan (the original loan you took to buy the house)?
              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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              • #8
                Thank you lady and all! Yes my first is under or just at market! So i think that qualifies a strip? I have refied. Part of my problem is they wouldnt combine my 2nd because of the low value on my home. Yes it saved me $$ but the second and third still sit out there! Killing me! They put my mortgage over the top.
                Discharge date: October 2017 (will it ever get here?)

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                • #9
                  Since you have not yet filed - this is the ideal time to consider all your options and ultimately decide what works best for you. Discuss with your attorney, to see if you can put together a valid plan for a 13. Things to find out: what MUST be paid off in the plan? If you do this with the intent to keep your house, you must pay your mortgage arrears in full on the 1st. Also figuring out what you actually owe (as of now, total) on your 1st and what your home is actually worth - to determine options on the 2nd, 3rd. Step 1 is can you form a valid plan, step 2 is do you want to? If your mortgage arrears is so much and DMI is too little to actually make a 13 work, you can eliminate that option and see what choices remain.
                  ~Staci
                  Not an attorney, and never played one on tv. My responses are based on my own experiences & personal opinions.)

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                  • #10
                    Originally posted by dmc-2008 View Post
                    Thank you lady and all! Yes my first is under or just at market! So i think that qualifies a strip?
                    As long as the value is not even one penny above what you owe on the first, you would qualify to strip the 2nd. Because the value is close, you could be at risk of the bank objecting to the strip in which case you would have to convince the judge that your value is correct.

                    Originally posted by dmc-2008 View Post
                    I have refied.
                    If the first is a result of the refi, you could be liable for a deficiency if you keep the home in a Chap 13 and decide to walk away later. Talk to an attorney about CA law regarding deficiencies on a refinanced loan on a personal residence. A mortgage on a primary residence is not discharged in a Chap 13.
                    Originally posted by dmc-2008 View Post
                    Yes it saved me $$ but the second and third still sit out there! Killing me! They put my mortgage over the top.
                    There's a third too? That can also be stripped. Even you found out you could not strip the 2nd, you could strip the 3rd if the value of the home is less than the total owed on the 1st and 2nd.

                    You really do need to sit down with an attorney to discuss your options. Don't make any decisions until you do that. We can tell you what options might be available, but we can't tell you what is best for you.
                    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!

                    Comment


                    • #11
                      I have been putting $$ in bank so i can bring first to current but nothing else. Talking to my attorney later, will post
                      Discharge date: October 2017 (will it ever get here?)

                      Comment


                      • #12
                        Is filing for chap 13 harder and more time consuming for law office?
                        Discharge date: October 2017 (will it ever get here?)

                        Comment


                        • #13
                          Originally posted by dmc-2008 View Post
                          Is filing for chap 13 harder and more time consuming for law office?
                          Yes, so expect a higher fee. But, you can include part of the fee in your plan while most attorneys require you pay their entire fee before a Chap 7 petition is filed. You may not have to pay any more upfront in a Chap 13 than you would pay for a Chap 7. If you file a 13, you don't have to pay the mortgage arrears before you file. It can be included in the plan. So, you could use some of that money you are saving to pay your attorney.

                          Paying the arrears before filing might reduce your plan payment (depending on what your dmi is). But, with California's wildcard exemption available for cash, it may be better to include what you can in the plan and keep the cash cushion in case you need it later.
                          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!

                          Comment


                          • #14
                            What is DMI? I meant to ask that! Thanks. I paid attorney already i hope they dont want more!
                            Discharge date: October 2017 (will it ever get here?)

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                            • #15
                              Disposal Monthly Income money left over after all bills are paid

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