House is with CITI--- am I going to get to keep it?

[CatsInTrouble]

So, we were in the middle of our BK/60 day and we stupidly missed a mortgage payment cause we ended up leaving town on a family emerg. We thought we could pay when we got back.

Well, Citi was FAST and filed a Motion to Lift Stay real quick.

We tried to work with them thru our lawyer and theirs to get them to drop it, but they wouldn't drop it without their MASSIVE lawyers fees ebing paid (we actually had the mortage payments--- time passed it went on to two, now three payments) saved up, but not their attys fees.

Also, wow, they were answering SLOW, my lawyer said they were FLOODED.

So the stay went thru today, we couldn't get anything resolved ahead of time.

Our lawyers advice, since we didn't have the WHOLE amount to stop the Stay, was to let the stay go, and now try to work with Citi directly to refi or reaffirm or whatever whatever.

So, umm, I'd like to keep my house. THat would be , well, good for me! and my kids! Again, we have mortgage payments saved up....

Hows it looking for me? Am I screwed?

[hereforinfo]

I'm confused. You went out of town and forgot to make the payment, but why not make it when you got back? And then you just stopped paying altogether for 3 months?

[CatsInTrouble]

No, sorry, we used the mortgage payment to go to a funeral out of state.

By the time we got back, we had some checks come in the mail and were about to make that payment, but lo and behold, the Relief of Stay was also in the mail! It was quick, like a week and half maybe past the due date.

So the lawyer said not to make the payments til we got the relief worked out, and we've been putting them in our savings account. THe goal was to get them to drop the stay and go on as usual.

We had (have) the payments, but not their lawyers fees, which they ARE ALLOWED to wrap into a deal to stop the stay.

It never worked out. Their lawyer never got back to our lawyer in a timely manner. We let the stay go thru today.

We have payments to give them, sitting in the bank acct. The lawyered counseled us to negotiate with the mortg co. directly now that the stay is up and we are closer to foreclosure, they may be ready to deal better. And we have a big chunk o money we'd like to give them . . .


So

[CatsInTrouble]

My hubby and I are sitting here all confused. We know our discharge is about to come thru with no reaff of the house on record.

I think we could actually start making payments now, again, right?
And that would hold off the foreclosure?

But, what do people do? Make payments for the next 20 years with no official signed arragment?

And then what? Do you have a legal right to the home that you paid off after 20 years-- sure, you paid it off, but, it was discharged and there's no paperwork??

[hereforinfo]

Ok, now it makes sense. I would call and talk to them before sending any payments. It depends on what stage of foreclosure you're in, but sometimes they won't accept anything other than the full past due amount plus all the late fees. I think you could try and negotiate something with them to allow you to pay the arrears and forbear the other fees onto the end and stop the foreclosure.

If you are able to keep the home and pay the mortgage, then everything is pretty much the same - they will release the lien to you once the house is paid off. You still have the original signed mortgage and note.

[laurannm]

I agree with hereforinfo. Filing for a relief of stay is mostly a procedural thing. In reality they don't want your house, so I would bet they would be willing to work something out.

[TBLTZ]

So, we were in the middle of our BK/60 day and we stupidly missed a mortgage payment cause we ended up leaving town on a family emerg. We thought we could pay when we got back.

Well, Citi was FAST and filed a Motion to Lift Stay real quick.

We tried to work with them thru our lawyer and theirs to get them to drop it, but they wouldn't drop it without their MASSIVE lawyers fees ebing paid (we actually had the mortage payments--- time passed it went on to two, now three payments) saved up, but not their attys fees.

Also, wow, they were answering SLOW, my lawyer said they were FLOODED.

So the stay went thru today, we couldn't get anything resolved ahead of time.

Our lawyers advice, since we didn't have the WHOLE amount to stop the Stay, was to let the stay go, and now try to work with Citi directly to refi or reaffirm or whatever whatever.

So, umm, I'd like to keep my house. THat would be , well, good for me! and my kids! Again, we have mortgage payments saved up....

Hows it looking for me? Am I screwed?

Did they send the relief after the actual due date or the grace period due date?

[CatsInTrouble]

I think it was somewhere in the middle... about 1.5 weeks after the actual but before the damn end-of-month! So fast!

[markdel16]

Is there no more grace period if you don't reaffirm? 1.5 weeks after due date is within the 15 days grace period.

[laurannm]

We are doing a ride-through with Citi and our grace period still applies. I actually called them to confirm. The grace period is usually written into your Mortgage note, and the terms of the note still apply even if you don't reaffirm.

I am actually surprised they are moving this quickly, unless it is because you are still in bankruptcy? Not too long ago we had to miss a mortgage payment and go 30 days late (we made it up on day 32). We called them and let them know and it was no big deal, just have to pay the late fee and we were on our way. We were told they don't even t hink about starting foreclosure until the 45-60 day mark.

[JohnDoe]

I am not sure if grace period would apply. According to your contract the payment is do and therefore delinquent if not paid by the due date. The only thing a grace period does is allow you to make a payment within the grace period with no additional fees. As far as the letter of the law is concerned I believe you are in default after the due date, not after the grace period.

[justplaintired]

This confuses me so much. I think too it may depend who the mortgage co is. Our first is Wamu/Chase. We have had this mortgage for going on 8-9 yrs. We used the grace with Wamu, they even gave us the option of setting up autopay on any day from the due date to the last day of grace, it was never an issue, and so far (2 months) since we filed we have continued on that schedule. No relief of stay has been filed, we wanted to reaffirm and would have but we have not received papers and when I spoke with them right after filing I was informed it was no problem soon as the BK is over we can set up autopay which we will. Never being late with them atleast gave us perfect credit with them anyway!

Second is with Citi and they are a pain to me. They called within 2 days of being late of the actual due date. Even though it states we have a grace period, to them, that doesn't matter. We have been very faithful in paying that one on time thru the BK process. Didn't want trouble out of them. They have not sent reaffirmation papers either. Our attorney did send reaffirmation papers to both mortgages. He advised us not to do a reaffirmation from the get go, but he also did as we wished and offered to reaffirm. So since we getting close to the end of the deadline, I am thinking we won't sign. Doesn't really matter to me now, nothing in this economy is giving me hope, so if things get too bad and we have to go, we can. I would rather not, but then again, I really didn't want to do a BK, and here I am.