mortgage stay lifted what now

[maddog2112]

Has anyone out there had there mortgage stay lifted before discharge? Did you talk to the bank then,or just catch up with the payments to keep the house , (we`re one month behind). I`m one week from discharge and am wondering if I should try to reaffirm with wells fargo if I call before discharge next week. Any experience with this out there?

[HHM]

Are you trying to keep the house?

If so, you better call the bank to make arrangements. Do you have the money available to "catch-up"?

[maddog2112]

To HHM, Yes and Yes. Once the stay is lifted, is it a forgone conclusion that they will foreclose? Or will they continue to let you keep the house if you become and stay current? I`m getting conflicting answers right now. My lawyer seems to think, this is standard procedure for Wells Fargo to ask for the stay to be lifted. Now I`m scared to death, they will try to foreclose regardless. If I started the reafform process now, I don`t think it could be done before discharge. My 60 days are up on the 16th. We are only 1 month behind.

[HHM]

Why did you fall behind in the first place? The whole point of filing a chapter 7 is to eliminate other debt so you can more easily make pay your mortgage and other living expenses; if, after chapter 7 BK, it will still be a struggle to pay your mortgage, you might have unrealistic expectations about keeping this home.

In any event, if you are only one month behind and have the money ready to go, you should be fine. But yes, lifting the stay in a chapter 7 is mostly automatic for lenders if the debtor is behind, so that should not come as a surprise.

[maddog2112]

HHM, would you contact Wells today if you were me, or would you just send the catchup payment and let it ride? What about the reaffirm? Is it to late for that? Thanks for your help!

[HHM]

You don't want to reaffirm if you can avoid it. It is probably too late to reaffirm, simply not enough time since it would need to be filed before the discharge. The stay gets lifted at discharge anyway.

Wells Fargo may be prickly about talking to you before the stay is lifted, so you may just have to wait. But I wouldn't send the catch-up payment without getting some agreement from them.

[maddog2112]

Thanks HHM !!