Missed Mortgage Payment

[laurannm]

Our Ch 7 closed last year and we did not reaffirm our mortgage with Citimortgage. Due to a potential loss of income, we may need to miss a mortgage payment, but we plan to catch it up the following month. If we go over 30 days late, how likely are they to start foreclosure?

Thanks!

[JRScott]

I can't be sure, the best bet would be to call and let them know you'll have to make the payment late. If your caught up within 30 days though I doubt they'd take any action, if like most Americans you are underwater on the mortgage.

[chad9162]

I doubt its likely....From what I've read it seems to be the same time line.

[relief13035]

Hopefullly you are in California.

"California is imposing a 90-day moratorium on housing foreclosures under a new law that takes effect Monday".

[chad9162]

Hopefullly you are in California.

"California is imposing a 90-day moratorium on housing foreclosures under a new law that takes effect Monday".

This is NOT correct if you filed bankruptcy. From what the OP said, it appears they did.

[chad9162]

hmmmm....the codes says....

SEC. 6. Section 2923.55 is added to the Civil Code, to read:
2923.55. Section 2923.52 shall not apply if any of the following
occurs:
(a) The borrower has surrendered the property, as evidenced by
either a letter confirming the surrender or delivery of the keys to
the property to the mortgagee, trustee, beneficiary, or authorized
agent.
(b) The borrower has contracted with an organization, person, or
entity whose primary business is advising people who have decided to
leave their homes regarding how to extend the foreclosure process and
avoid their contractual obligations to mortgagees or beneficiaries.
(c) A case has been filed by the borrower under Chapter 7, 11, 12,
or 13 of Title 11 of the United States Code, and the bankruptcy
court has not entered an order closing or dismissing the bankruptcy
case or granting relief from a stay of foreclosure.

Maybe you do qualify since your BK is no closed

[Amy26]

Not sure about your particular situation but before I decided to file for bk I was trying to work with my mortgage company because I was behind. They told me as long as I stay no more than 30 days behind I was fine. They were charging me late fees for it, but would not take any action. I was perpetually 30 days behind for a while because I couldn't afford to make 2 payments at once. They also did not report anything to the credit bereaus about me being late until I went past 60 days.

[laurannm]

Thanks all

I actually called the BK dept over at Citi (two different times just to verify) and they both told me that nothing would happen, other than the late fee. If was ever 45-60 days late or more, then they might start the process. They basically treat non-reaffirms\reaffirms the same way. I will literally be 32 days late just once, so I am not to concerned about it.

Even if they started the process, I am assuming first step is to send out a notice, asking you to pay or else, so either way we should be all set

I am in MA, which signed a similar law to CA last year (90 days Right to Cure).

[Amy26]

Yup, just as I said. You should be fine.