Newbie and some questions

[dwillis19]

I have been checking things out here for over a month and had a few questions.

General info to help with the questions.
1. I am in Texas.
2. We filed July 2.
3. Had to get 10 more days for lawery to work on our case.
4. Had a mortgage, but company never paid off construction loan.
5. Facing foreclosure by construction company.


Questions:
Lawery has advised us to not include home on BK as it will raise our payment from 400.00 per month to 2000.00 per month. Right now there is no way to afford 2000 per month plus living.


The mortgage is not on our credit report as the company has never filed anything about it. SO here we are 5 years down the road and looking at foreclosure while having paid the mortgage.




1. Since the mortgage or anything else is on our credit report will anyone ever know?
2. We are giving up the house, will the trustee allow us rent or something.
3. Our mortgage was 605 per month, but since we have no actual mortgage, can we use the 605 for a house?
4. We have found a home that the owner will carry the note payments would be what we were currently paying, can we do this?
5. Having problems talking to lawery right now because I just started a new job and not allowed any personal calls right now? Any suggestions to make communication easier?


6. If we can and do go with the owner note for a home, how long until we can get a better intrest rate with refinancing?



Sorry, but I did not find any of these questions answered already.

Thanks for any input.

[dwillis19]

wow

I did not think I could stump everyone here. Am I the first to do so? Maybe I can get points for that!

[lrprn]

Let's make sure we clearly understand your situation first.

You bought your home and have a mortgage on that home. However, the company that built your home did not pay a construction loan, so now the company's lender is foreclosing on your home. (Did the original building company file bankruptcy?) Do I have that right?

[dwillis19]

Ok

I don't know about the original company. About 3 months ago the payments started getting returned with no forwarding address. Then all of a sudden the company that had origanlly loaned the money for construction 5 years ago sends a letter of acceleration. The BK attorney advised that we could save the house with a chapter 13. Then after starting the process he tells us the payment would be 2000 per month to save the house or let the house go and only pay 360 a month. But I do know that the people I had been paying never filed the mortgage with the county.

[lrprn]

I don't know about the original company. About 3 months ago the payments started getting returned with no forwarding address. Then all of a sudden the company that had origanlly loaned the money for construction 5 years ago sends a letter of acceleration. The BK attorney advised that we could save the house with a chapter 13. Then after starting the process he tells us the payment would be 2000 per month to save the house or let the house go and only pay 360 a month. But I do know that the people I had been paying never filed the mortgage with the county.

Thanks for trying to clarify....unfortunately I still don't understand your situation. Who were you paying your home mortgage to? What did you do when your payments kept being returned? Who did the company who "originally loaned the money for construction" loan the money to - you, your mortgage company, or another entity? Who has the title to your home now? And the most important question......how much do you want to save this financial mess of a house? Will you ever be able to get a free and clear title for the home if you stick with it and pay $2K a month for 60 months?