Question about Mortgage payment

[Overmylimit]

My Attorney finally said I am ready to file, he has been putting time between my last charges and filing. We are suppose to file next week. I was wondering about my Mortgage payment which some of you that have read previous posts is large. Does it matter how big your payment is? Will they look at the amount and say you can't keep the house you should downsize and pay some of your debt? Does the court have that power? Thanks

[AngelinaCatHub]

OK, some very complicated legal questions. First, are you intending to abandon the house? If not, pay it. If so, use the money to get a lessor expensive appartment or rental home. Rent Contract for Deed if you can as it is like "rent to own". It will not hurt you.

Need more info to respond properly. 'Hub

[Overmylimit]

Hey Hub,

Yes we are staying. I asked for a modification and I got it, its not a lot lower payment but it all helps. I guess I am just wondering if they can make you move if your payment is high legally. Or will they question how we will make the payments or maybe they would make us downgrade to a smaller place so we would have to pay creditors back. I am just wondering what they can do? I am current and will stay that way.

Thanks

[ansky0007]

I am in the same boat and as of yet I have not heard anything and our 341 was 3 weeks ago. The home also has some equity around $80k, But if they take it and sell it on us after realtor fee's and our $40k exemption there would not be anything left. My lawyer is telling me it might take a few months to find out what they are going to do. The stress is killing me and my wife is 7 months pregnant so this might play out when she gives birth...Just sucks. Lawyer is telling me that the trustee has the right to put a for sale sign in front of our house to see what offers they can get.

The worst part of this is I keep paying my $4k mortage (Taxes included) and I could be saving this money if they decide they are going to take it from us after all this time of paying it.

[Overmylimit]

Mines 5k and I am upside down on the loan so even if they took it the loan companies would lose money big time. Will have to wait and see I guess.

[saintjohn]

let us know about what turns out ok? thanks. hope it ends well with everybody.