I used to work as a Chapter 7 Bankruptcy paralegal and I am now in a Chapter 7 - No Asset listing under the old law. I lost my job in February and converted my Chapter 13 to a Chapter 7 in March. I have found work in another field with less pay, I can make the mortgage payments easier now since I won't have a Chapter 13 payment.
I have a seller-financed mortgage. I have been talking with a pro-bono attorney in my state about working out a forbearance agreement with this seller. I am 4 months behind. Attorney is proposing 1/2 down by May 1, 2006 and the remaining half in addition to regular payments for 6 months. I do have insurance on the property, and when you add the arrearage, fees, late fees, interest onto the principal balance I still have 12,000 equity in the property.
Today I get a Motion to Lift Stay with no Notice of Deadline for Filing Objections from this seller. He filed the Motion himself.
I called my attorney and he said since he failed to notice that this could work in my favor. He said we should go ahead and send to the seller the forbearance agreement as a reaffirmation agreement with an Agreed Order Modifying the Automatic pursuant to the terms of the reaffirmation agreement.
Do you think I have a chance of keeping my house or should I start looking elsewhere?
I have a seller-financed mortgage. I have been talking with a pro-bono attorney in my state about working out a forbearance agreement with this seller. I am 4 months behind. Attorney is proposing 1/2 down by May 1, 2006 and the remaining half in addition to regular payments for 6 months. I do have insurance on the property, and when you add the arrearage, fees, late fees, interest onto the principal balance I still have 12,000 equity in the property.
Today I get a Motion to Lift Stay with no Notice of Deadline for Filing Objections from this seller. He filed the Motion himself.
I called my attorney and he said since he failed to notice that this could work in my favor. He said we should go ahead and send to the seller the forbearance agreement as a reaffirmation agreement with an Agreed Order Modifying the Automatic pursuant to the terms of the reaffirmation agreement.
Do you think I have a chance of keeping my house or should I start looking elsewhere?
Comment