Did not reafirm on mortgage after 7 now need 13 to keep home

[acuraguy81]

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I filled a chapter 7 that discharged 4 years ago. I wanted to reafirm on my house and a car i had at the time. since then I have pulled my credit bureau and seen that my house shows i filed on it and no current payment records basically shows i have not been paying for the past few years and i let it go in the 7 and no history, the car it shows i let it go too, then the one item i wanted to let go in the 7 was my boat and yet it shows i still i own it and i am over 4 years behind on it. "confused"

Now i got behind with my mortgage and was in a repayment plan with pnc/nat city. After a few months of the larger payment to get caught up i got late again and voided the repayment plan. so they said i qualified for a forbearance plan then after a few weeks i was told that i do not qualify for nothing they are foreclosing because it shows i never reaffirmed on the house and i filled a chapter 7 on it. Im so upset i want to file a 13 to keep my home. is that what i need to do also i owe more than the house is worth with the late fees and foreclosure fees and cost this all sucks.

[AngelinaCatHub]

If you are upside down, and with as many houses that are in trouble, you might be able to pick up a bargain under Contract for Deed. Yes a 13 may stop the foreclosure, but if you are having that much trouble you may get the 13 dismissed as you cannot miss those payments at all.

It would do you better to shop around while you can before considering keeping that house as it is seemingly hindering your 'new start' in your original 7. 'Hub

[acuraguy81]

Any more tips or idea's. Who would I do a contract for deed with?

[AngelinaCatHub]

Any more tips or idea's. Who would I do a contract for deed with?

Check for owner financing or properties that are in distress. (like what isn't?) Some speculators who cannot find buyers, would likely be willing.

Google "Contract for Deed". You will see that it is what the title states. You are under contract month to month to make the payments. If you do not, all your payments and whatever down payment that you would work out, would be forfeited but without penalty. Or if you just gave up the place, just leave it in good shape without penalty. I have purchased land in this way and it is not a bad deal. 'Hub

[acuraguy81]

so your saying to not file a 13 and let my house go? I do not want to do that i love my home and have 3 big dogs "labs" and I get a huge raise in December and could afford my house and more. The issue is with my OLD job i could not afford it. now i can just not the extra $400 plus my regular payment to catch up, in December I could. So the program they offered sounded good but because of my bk7 and not reaffirming i do not qualify for any thing at all just one payment to get caught up.

[newbie2]

so your saying to not file a 13 and let my house go? I do not want to do that i love my home and have 3 big dogs "labs" and I get a huge raise in December and could afford my house and more. The issue is with my OLD job i could not afford it. now i can just not the extra $400 plus my regular payment to catch up, in December I could. So the program they offered sounded good but because of my bk7 and not reaffirming i do not qualify for any thing at all just one payment to get caught up.

You may not have a choice but to let the house go. You can't afford to catch up, and the lender won't offer you any more help. I can't imagine how stressful it is to find new housing when you have pets, but you really need to start looking at this possibility now. You're up against the wall with the home you are in, and things won't get better until December.

Make a couple of phone calls to local real estate agents. Ask them about land contracts (contracts of deed) in your area. They will be able to tell you what is the norm for your area (down payment, terms, etc.) Also ask them about rentals with pets.

Good luck to you.

[acuraguy81]

why does every one thing i should avoid doing a chapter 13?

[Flamingo]

If you were discharged from a Chapter 7 four years ago, you could not file another Chapter 7 for eight years from the date of that filing; you can file a Chapter 13 during that time but you will not receive a discharge. Also, you must be insolvent to file (broke) and qualify to file. I suggest you speak with the attorney who handled your first filing if he/she is still in your state or get some free consultations to go over your situation.

Sometimes it's hard to face reality and just realize that it's impossible to keep one's house and just cannot afford to do so. If you can afford to keep your house, you may not qualify for bankruptcy especially if you are now making more than you made when you filed a Chapter 7. You would have to qualify to file. Best to speak with an attorney.

[SMinGA]

I don't know your financial situation to know if a ch. 13 is right for you, but it IS an option to catch up on mortgage arrears.

You must have disposable income to make a plan payment. It will be 5 yrs if you're over median, could be 3 years if you are under. Your plan payment would probably increase later this year when your income goes up. Its important to go into a 13 with an accurate and realistic budget.

You ARE eligible for a discharge in a 13 if your 7 was filed 4+ years ago. But if mortgage arrears is the only debt, there would be nothing to discharge as it would be paid in the plan. If you do have other unsecured debt (credit cards for example) you will lose them in a 13.

How far is your home 'underwater'? Is it all one mortgage, or is there a 1st and a 2nd?

Consult a couple of attorneys as a first step.