NEED advice...just filed for 13 - foreclosure process started middle 2010.

[AKA]

I'm hoping someone can chime in based on their experience. After trying to modify late in 2009 and again in early 2010, first being approved, then disapproved only to reapply and be disapproved again, I filed a 7 in Nov 2010, now filing a 13. It was if they didn't want the money I had to offer. I'm not looking to keep the house at this point.

Starting in early-mid 2010 foreclosure process began then put on hold during 2nd attempt to modify. Filing the 7 and now 13 have stopped the process...I guess...and I just received another date for mediation.

I was originally expecting to move end of February because I was expecting to be forced out soon, but reading everyone's story I'm not so sure. I'm now looking at a place w/ a roommate for $1600 monthly, but now I'm wondering how long could I stay here and save $800 mo until I have to move out. What say you? thank you.

[Pandora]

Hi AKA

First, I think it would benefit you to read through the forums so that you have a better understanding of how bankruptcy works in general Right now since you've filed CH. 13 - the BK stay goes into effect so all foreclosure efforts have to cease, your lawyer should have told you this when you filed. The lender has the right to foreclose - yes, however on average it takes quite a while - some people have been in their homes for 6-12+ months following receiving a NOD and/or actually foreclosed upon.

Given you've hired legal council to represent you, these are questions / concerns you should be asking your lawyer directly as he/she is the one that will have to go to bat for you against the Trustee. As to moving out at the end of this month - that too should be directed to your lawyer because you dont want to get hit with abandoning the property; remember its still yours until the lender changes the deed/title. There are many posts regarding the very issue you're going through and many have "been there done that", so you can learn how the process will work in your locale. Curious to know though - what did you put on your Schedules if you're letting the house go? There has to be some number there for housing.... and generally you cannot put a "possible" figure into the equation from what I understand; it has to be a place you're currently renting.

[AKA]

Pandora, I did include my current monthly payment for the primary mortgage and 2nd mortgage although I am not actually paying them right now as I am surrendering the house. I have not included the $1,600 for the place I would be looking to rent with a roommate.

[helpme2010]

AKA, I am in a similar situation as you. I was discharged from my 7 a couple months ago, and was given 2 weeks notice as to my house being auctioned off. I filed the 13 which has stalled the foreclosure by a couple months or so and now my mortgage company called me asking if I am interested in a loan modification (which I requested when they put the auction notice on my house). They said I didn't have enough time for a loan mod or even a short sale because the auction date was so close, but now with the chapter 13 just started, I will have enough time to get the paperwork through for them to review.

They are probably not going to give me a 6 month forebearance again, but you never know, maybe they will. And I can use all the extra months I can in this place, whether rent free or at a reduced payment, until I can find a job and be on solid ground again. At that point, I can either continue living here on a temporary forebearance plan with reduced payments or rent another place.

Either way, the 13 buys me some more time to try to work something out with the mortgage company or at least live here a little while longer until I can find a job and rent a new place.