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House payment is 4 months late, finished meeting of creditors yesterday..1 question.

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    House payment is 4 months late, finished meeting of creditors yesterday..1 question.

    i am 4 months late on my mortgage payment, but i got into chapter 7 and i have an automatic in place as i just finished my meeting of creditors yesterday. my dad is gonna loan me money to get caught up but it won't be for another 2 months or so which is about when i should be discharged.

    my question is will i have another 60 days before my mortgage company can start the foreclosure? I did reaffirm the house

    I know if i am late at discharge they can work me over but i plan on being caught up then,

    thanks for any help

    Lucky

    #2
    The mortgage company should ask for a Motion for Relief from the Automatic Stay before even thinking about starting a foreclosure proceeding.

    If you never received a Notice of Deficiency either, they still need to go through that process as well.

    If you were already in foreclosure at the start of your Chapter 7, underlying State non-bankruptcy law applies as to where it continues.

    With only 4 months behind, I am pretty sure you can work a deal with the mortgage company to keep the home. You may even be able to get a "modification" and put the back payments at the end of the loan, tune down the interest rate, and maybe even re-ammortize the mortgage.

    You'll have to think about all that, but there is probably hope!
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

    Comment


      #3
      Did you already sign a reaffirmation agreement? It should contain the payment terms you'd need to meet.

      Comment


        #4
        Hmm, you could be stumbling into some problems. With the BK, a modification is a long shot. If the bank has already accelerated your loan, i.e. demanded payment in full, you may not have the option to simply get "caught-up". Granted, you can/should still ask.

        Comment


          #5
          HHM
          I have gotten some great advice from you in the past, and would like to pick your brain again!
          I am filing chapter 7 in April, current on my mortgage, just denied a loan mod by BoA because I am current. My lawyer wants me to get mod before we file so it is too late to fall behind on payments. And I still am hoping Obama's plan will help me. but what happens if we dont get this done before April. Oct - March will pass means, could probably pass with Nov-April. Keeping the house is very important to me but need mod or second job to keep it. When giving my financial information AGAIN on second mortgages they insisted on entering what I used to pay on cc. I told her over and over that I have not paid, and will not pay anything on cc because I am filing chapter 7! she says "I know it is a catch 22"! What is wrong with these people?
          My question is If I can not get mortgage modified by the end of April should I reaffirm, not reaffirm, which one would put me in most vunerable position?

          Comment

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