I have been thinking about Chapter 13 to save my home.....

[steel67]

I have been dealing with B of A and working thru NACA on getting a loan mod....This has been going on for almost 2 years now...and I keep getting the run around. I refuse to consider losing the home and I not completly familiar all aspects of the Chapter 13. Has anyone been on a Chapter 13 to save the house...and is there any advise i could get. I would much appreciate it

Thank you!

[LadyInTheRed]

Welcome to the board!

Lots of people file Chap 13 to save their home. But, you need to make sure keeping the home is the right decision. You need to at least consider the possiblity of giving up the home before you decide it's out of the question. Some say it should be a purely business decision, void of emotion. However, I think emotion can play a very small part if the business aspect isn't completely clear. You don't want to put yourself in a position where you get through a Chap 13, but still can't afford your house. Or where your insistence on keeping the house makes your Chap 13 plan unliveable.

Without more information about your situation, it is hard to give much advice. Spend some time reading the board, including all of the stickies, to learn more about Chap 13. Don't stick to only the Chap 13 forum as you will find relavant information in the stickies of many forums. After spending some time reading, ask some specific questions. This is a great place to get your questions answered!

[momofthree]

A ch.13 cannot assist you in obtaining a loan mod. If you cannot afford your current payment on your first mortgage, then a ch.13 will not help you. You will also have to cure the arrears through your ch.13 plan payment.

If it is an underwater 2nd mortgage that is causing problems, then the 13 can strip the 2nd and it will be treated as unsecured debt.

[Flamingo]

First you must qualify to actually file a chapter 13. Your post gives no indication of your financial status and whether or not you are actually insolvent (bankrupt). Yes Chapter 13 can save a home but you truly need to determine whether or not you actually can afford to keep the home. If you feel you are in the position to file a Chapter 13, I would highly suggest getting a few consultations with BK attorneys in your area to find out exactly where you stand and what you can and cannot do. Best of luck to you.

[steel67]

Thank you Lady in Red!....I have met with some attorney's already on the ch. 13...and I do have enough income to qualify...I am just caught in between trying to get a mod...which keeps dragging on.....or just pushing the button on the 13...so I can move on with life...i am currently six months behind on my mortgage...due to a hardship..which I have recovered from...and I have no current credit card debt...just a few charge off's.....however I am being sued for $6000.00 from a creditor...and go to court in two weeks.....I guess it is just facing the reality about being on a strict budget with courts....with the chapter 13...is there anybody who might be going thru a similar situation. Thank you!

[Cristo]

I got a modification from B of A through the Home Affordable Modification Program. I have also filed ch 13 as I needed an overall plan to get rid of other debt (credit cards) and get my car, back tax payments down to a level I could afford on my current income. I would hate to see you have to file a ch 13 just to catch up on the mortgage payments. The modification would seem to be a better option for you. Have you tried to contact the Office of the President at B of A? That is what I had to do (repeatedly) to get them to get me into the modification program. The Loansafe forum www.loansafe.org was a godsend for me in getting the modification. If you have not been there I highly recommend it.