In a 13 can I file a Chapter 7

[RAD1]

[keepmine]

You need to get current to keep the house.A conversion to a 7 won't help.

[nc73]

I though chpt 7 was worse if you want to save your house. Chapter 13 is for saving your house. You'd have to be current to do a 7 I think. I'm sure someone will correct me.

[RAD1]

So is there a way that I can refile my 13 to keep my house or is it too late? How long will they give me to get it current? I just got the letter today.

[SinkingFast]

In order to keep your house and Convert to Ch 7, you'd have to bring the house current. You must be current on your cars and home in order to keep them thru filing Ch 7.

The only way you're gonna keep your house at this point is to bring your mortgage current. Including all lates, penalties, interest, and fees the Lender has charged since you fell in arrears.

If you filed with an attny,............ You need to call your attny ASAP on Monday. Let him/her know what's going on.

[RAD1]

In order to keep your house and Convert to Ch 7, you'd have to bring the house current. You must be current on your cars and home in order to keep them thru filing Ch 7.

The only way you're gonna keep your house at this point is to bring your mortgage current. Including all lates, penalties, interest, and fees the Lender has charged since you fell in arrears.

If you filed with an attny,............ You need to call your attny ASAP on Monday. Let him/her know what's going on.

I'm going to call him monday will they give me a little time to catch up or does it need to be this month? I'm in troble if thats the case.

[HHM]

Keep in mind, in order to convert to a chapter 7, you still need to be able to qualify for a chapter 7, i.e. median income/means test. So all this talk about conversion is moot unless you know you can qualify in the first place.

As for saving your house, if the bank has already filed the motion to lift stay...I am sorry to stay, you have already let this get too far out of reach. Assuming you qualify for a chapter 7 and convert, you are only delaying the inevitable. The chapter 7 would probably buy you a month, but that is about it. At this point, you have NO mechanism to force the bank to accept repayment of late mortgage payments. If they are filing a Motion to Lift Stay, that means they are inevitably invoking their acceleration clause.

[RAD1]

If I catch up the morage will that stop the motion? What are my options?

[lrprn]

If I catch up the morage will that stop the motion? What are my options?

Most states have some length of time where you are allowed to make up the mortgage arrears. What state do you live in, rad1? If it's not too late and you can make up the arrears in time, then the mortgage company has to withdraw the motion to lift your automatic stay before you are out of the woods.

Talk to your Ch 13 lawyer. Depending on why you are late paying your mortgage, your lawyer can see if your trustee is willing to delay 1-2 plan payments to allow you to catch up the mortgage. No guarantees of course, but it doesn't hurt to see what kind of break your trustee may be willing to give you. Obviously missing your mortgage payments due to a reason beyond your control (serious illness or job loss, for example) will be more compelling than not paying your mortgage because of something you can control (gambling or excessive spending, for example).

As others have already mentioned, this is a good time to think through whether keeping the house is in your best interests in the long run. Take emotion out of the decision - can you truly afford the house or not? Think about what you would tell a friend if he or she asked you for advice in this situation and told you what you told us. What would you honestly advise your friend to do?

[RAD1]

I'm in Mississippi. If the mortgage company will let me catch up over the next 3 months I can do it. This all start with a new job and less pay but I recently got a promotion with a lot more income. BTW will anyone give you a loan when your in a 13 I have a lot of equity in my house?

Thanks for all the help.

[chpxiii]

BTW will anyone give you a loan when your in a 13 I have a lot of equity in my house?

The answer is most likely no. Lenders are not likely to touch you. Period.

Generally speaking, when you're in chapter 13 bankruptcy, you're BANKRUPT, and are NOT ALLOWED to incur more debt or take out loans. Your case could be dismissed.

There are exemptions to this: loan for a car (and from what I was told here in Texas, it cannot be an expensive or luxury car), or a loan for a house. IF you can even find a lender. And even then you have to petition the court to be able to take this loan out. While in chapter 13 bankruptcy, don't even bother thinking about trying to take out a loan for any other reason.

As for your issue of whether you can catch up with mortgage payments, no answer, but good luck. I hope the lender works with you.

[HHM]

How many payments have your missed.

All you can do is contact (or better, have your attorney contact) your mortgage company and see what, if any option, they are willing to accept.

If you got a new job with less pay, the first thing you need to do is contact your attorney to amend your plan. If you are making less money, then you have less disposible income and therefore can amend your plan accordingly.

You're in a catch 22 with the chapter 13...if you have the income to "make-up" missed mortgage payments, that raises a question with the trustee about the amount of your disposable income, so either way, you have some explaining to do.

Assuming best case scenario, that is, that your attorney can get the mortgage bank and trustee all on the same page (unlikely, but possible)...the attorney can offer the bank an "adequate protection order" which is essentially a plan to get the missed mortgage payments caught-up. Think of it as a get out of jail free card in monopoly...you only get one, but if you miss any future mortgage payments, or miss any of the catch-up payments, the bank can go straight to lift-stay and foreclosure without passing Go.

[lrprn]

I'm in Mississippi. If the mortgage company will let me catch up over the next 3 months I can do it.

Here's information about how foreclosures move forward in Mississippi - http://www.foreclosures.com/www/page...2.asp?state=MS

Unfortunately there's no "right of redemption" in MS. That means you aren't allowed any time to repay the arrears if the lender has already foreclosed on the property.

BTW will anyone give you a loan when your in a 13 I have a lot of equity in my house?

As chp said, it's very unlikely that anyone is going to lend to you while you're in a Ch 13. The sub-prime lenders who might have given you outrageous terms are not lending at the moment due to the crashing housing market. At any rate, you MUST have your trustee's permission to approach lenders first anyway.

Again, your best bet is to work with your lawyer to find out what realistic options you have in this difficult situation.