Filing Chap 7 after renegotiating mortgage?

[bridie43]

Hi. I just went through about 7 long months trying to renegotiate my mortgage. Well a few weeks ago it came through and I got a lower interest rate lowering my payment. During all that time I was not allowed to file bankruptcy because they wouldn't have considered keeping my mortgage if I did.

Now that the mortgage is set I plan on filing chapter 7 in about a week. Since it took so long to get the mortgage squared away, should I call the bank and warn them and ask for advice or just make like I'm in a normal situation and just go through it? I'm just so scared that after all that time and effort they might look at what I'm doing and reconsider. Thanks.

[AngelinaCatHub]

DON'T KICK A SLEEPING DOG!! Make at least two payments (an assumed confirmation of your new mortgage) and let them find out in your paper work. By all means, do not be late on the mortgage payments. Re-read your new contract so as to see what it says about their escalation clause.

You seem to have your "new start" well planned out. The lower rate will help and you wish to keep the house, right? You could reaffirm it but a ride through is better in most posters opinions, if you can get away with that. Look over your paper work closely. 'Hub

[bridie43]

DON'T KICK A SLEEPING DOG!! Make at least two payments (an assumed confirmation of your new mortgage) and let them find out in your paper work. By all means, do not be late on the mortgage payments. Re-read your new contract so as to see what it says about their escalation clause.

You seem to have your "new start" well planned out. The lower rate will help and you wish to keep the house, right? You could reaffirm it but a ride through is better in most posters opinions, if you can get away with that. Look over your paper work closely. 'Hub

Thanks! I definitely want to keep the house and I am going to reaffirm because I just don't want any holes in this, i.e. I want the mortgage company to know I'm serious.

[AngelinaCatHub]

Thanks! I definitely want to keep the house and I am going to reaffirm because I just don't want any holes in this, i.e. I want the mortgage company to know I'm serious.

That is great, but again, I stand by my feelings of don't volunteer info at this time. You just may do harm that you wish to avoid. They will find out soon enough and at that time, when they contact you, ask the person who calls you for the paperwork to reaffirm then, not before. Get two or three payments under the new rate behind you. It is only my opinion. 'Hub