question about mortgage

[saucey]

hey guys!i know a lot of these threads say that to file a chapter 7 you have to be caught up with your mortgage payments to keep the house.my 341 is october 6 but we usually pay our mortgage on the 15th of every month.do we have to have it paid by the first or is it just 30 days past due when your in trouble?

[lrprn]

hey guys!i know a lot of these threads say that to file a chapter 7 you have to be caught up with your mortgage payments to keep the house.my 341 is october 6 but we usually pay our mortgage on the 15th of every month.do we have to have it paid by the first or is it just 30 days past due when your in trouble?

Saucey, a few questions first....

*Are you up to date on your mortgage payments now?
*What is the actual day of the month that your mortgage payment is due? (Don't include the grace period if you have one.)
*Will you have made your September house payment by the due date?
*When do you plan to make your October house payment?
*Who is your house loan lender? (if you feel ok sharing that)

[debtisbad]

Saucey,

Sounds like you are ok. I filed, kept house, paid by end of grace period, did not reaffirm house (just in case cannot make payments later). I was discharged and all is well (I hope). Still get statements from the lender for the house payment. I want to get rid of the house in about 2 years so I have to leave myself an "out" in case the housing market dumps. Do not want to be liable for any deficiency balance. This is what scares me to death about the housing market today!!!!!

[saucey]

hi lrprn!thanks for the fast response.our mortgage is through m&t.we will pay the september payment next week.we usually pay it around the 10th or so of each month.so on our 341 october 6 september will be paid but not october yet.we will pay october the same time around the 10th or so.the due date is the first of every month but were not considered late untill after the 16th of every month.(late where you pay a late fee not the 30 days when it effects your credit.

[BassBoy]

Then you will not be late, so you shouldn't have anything to worry about. If you are asked if you are current, simply reply, "Yes" and leave it at that and do not go any further than that.

[lrprn]

Whoa everyone! You can't assume the grace period will remain in place after filing bk. I learned that the hard way through personal experience.

We had the same set-up as saucey (different mortgage company though) - mortgage payment due on the 1st with a 15 day grace period. We were up to date on our mortgage payments. We filed on June 1 and paid our June mortgage as usual well within the grace period - the mortgage company showed our June payment as received and deposited in their account on June 8. However, our mortgage company filed an objection against our case saying we were in arrears one month when we filed because they did not have the payment in hand on June 1st. (Sheesh!)

After our lawyer wrangled with our mortgage company, they finally withdrew their objection, but stuck us with $75 for their lawyer fees and added it to our mortgage. It's such a racket....be warned. I hope your mortgage company isn't as greedy as ours was.

[saucey]

hi lrprn!so im basically pretty screwed considering i didnt pay it yet.would it matter if im filing by myself and not with my husband?could we possibly lose the house.?thanks all you guys for your help.

[lrprn]

hi lrprn!so im basically pretty screwed considering i didnt pay it yet.would it matter if im filing by myself and not with my husband?could we possibly lose the house.?thanks all you guys for your help.

Don't fret too much, Saucey - really depends on just how greedy your mortgage company is. The majority of others here who have filed and have paid their mortgage after the due date but within their grace period around the time they filed have not had a problem. I think our objection is not the typical thing at all - I just wanted everyone to know that just because you pay within your grace period don't assume that all will be well 100% of time - probably will be just fine 95% of the time though.