Mortgage co wants to work it out...

[BK2008]

When I filed CH7, I surrendered the house. I haven't paid July or August mortgage payment.

I am currently unemployed, and staying in the house until DDay. I called the mtg company to check the status of my 'foreclosure' and was told I needed to miss a few more months before anything got started, but there were things we could do to get me current (loan mods, etc.)

I told them I wasn't working right now, and could not commit to anything.
A friend of mine suggested I do a six month deferral to buy more time in the house, since I have no idea how long I will not be working (I am trying..I am logging 3 interviews a week).

My question is: If I was to do something like that, and in the end, I couldn't live up to that commitment, what would the end result be? Since technically, the loan balance should have been discharged in BK, could I be sued for the loan if I couldn't make the payments after all??? Or if they ended up foreclosing, if there were an upside balance, would they come after me for it?

I'm not sure if I signed the dotted line on anything like that after BK it would reset the default all over again, as if I never filed BK.

Thanks for the advise. I don't want to ask the mtg co, I doubt I'd get a straight answer, but it doesn't sound like they really want the property, that's why they were offering a deferral or modification of some sort.

[TEW]

I wouldn’t sign anything on that loan. You may end up refraining and it sounds like that’s not what you want to do.

[BK2008]

What is 'refraining"??

And you're right, I don't want to get stuck, I just want to go back to 'ridethrough' status if I can (even if I did surrender it),

[FreshLikeADaisy]

BK2008, it's really not going to matter whether you do a loan mod or not, since prior contracts involving otherwise dischargeable debt are included in a Ch7. Even if you signed something today that said you expressly agree to pay this debt even if you file bk, you could still discharge it in a Ch7 because that clause is legally unenforceable.

So my suggestion to you is to do whatever you feel to be in your best interest. If they want to do a loan mod and are willing to tack the unpaid payments onto the end of the loan, or make you some other sort of concession, and you think it's a good deal, don't hold back just because you *might* file bk. Some things it's a good idea not to do prior to bk, but this isn't one of them. You have been upfront, you told them you have no income and can't commit, if they offer something anyway feel free.

Good luck!!!

[BK2008]

BK2008, it's really not going to matter whether you do a loan mod or not, since prior contracts involving otherwise dischargeable debt are included in a Ch7. Even if you signed something today that said you expressly agree to pay this debt even if you file bk, you could still discharge it in a Ch7 because that clause is legally unenforceable.

So my suggestion to you is to do whatever you feel to be in your best interest. If they want to do a loan mod and are willing to tack the unpaid payments onto the end of the loan, or make you some other sort of concession, and you think it's a good deal, don't hold back just because you *might* file bk. Some things it's a good idea not to do prior to bk, but this isn't one of them. You have been upfront, you told them you have no income and can't commit, if they offer something anyway feel free.

Good luck!!!

Fresh: I already file CH7 and was discharged on 7/15.

Not sure if that is a problem or not.

[FreshLikeADaisy]

BK2008, my apologies, I misread your post. You're right about signing anything being possibly binding. Please disregard my post, sorry.

[BK2008]

BK2008, my apologies, I misread your post. You're right about signing anything being possibly binding. Please disregard my post, sorry.

No biggie....it's really a moot issue anyway, as long as I'm not working. I just worry about the fact I could be months away from a homeless shelter or living in my car (I have no family here), I have 2 kids with no CS from their useless day.

I was just wondering if it was a binding if I did anything that required a signature. I'm thinking that maybe I could rustle up a payment in Spetember to pay July without signing or doing anything, it might stall the foreclosure, however long it takes in TX.

[BK2008]

Anyone know about this??

Thanks!

[BassBoy]

If your intentions are to let the home go into foreclosure, then rustling up the cash to pay your mortgage is wasteful. There is no sense in paying for something that was, #1: Discharged and #2: You're letting go of.

And I agree with the other. DO NOT sign your name to anything. I would suggest letting the foreclosure process run its course.

[wtu]

Wow I'm surprised your mortgage company hasn't acted. My mortgage company (a large bank based in CA whose name rhymes with "CARGO") was brutally aggressive with me. I filed on July 1st and was current, but was late by a few days in July and my mortgage company filed for a lift of stay immediately after the 15th of July. I have decided to surrender and the stay has been granted as of August 8, 2008. I have not heard anything from them yet, but imagine I will get something any day now telling me that they intend to pursue action.

[TEW]

yup same CO I think and they did the same thing to me.
Foreclosure is a long process they already have 6 empty houses on my street. They are very smart they cut the power off at the street on these houses and all the basements are full of water.