Should I Really Pay My Mortgage Thru the 60 Days?

[CatsInTrouble]

We had our 341 FINALLY , went quick, no issues.... We are on our 60 day wait and have found that a ceiling repair is going to be more expensive than estimated....


We've been paying our mortgage on time throughout, well, cause we could....

We're hoping to reaffirm.

We find ourselves in need of more cash to get this ceiling work done, and are wondering what would happen if we skipped a payment or two. We haven't seen ANYTHING on reaffirming, but our lawyer said it takes a little bit.

How do reaffirms work? Specifically:

1) If we got behind 1-3 months, would they still be willing to reaffirm?
2) Would a reaffirm be able to roll the missed payments back into principle?
3) Is there any reason we should be paying this damn mortgage?

[HHM]

If you miss a payment now, in the middle of an active BK, you will be effectively surrendering your home. The lender will still lift stay and begin foreclosure.

If you want to keep the house, you pay; if not, stop.

[CatsInTrouble]

ok, we will pay thruout, but right now we'll pretty much be behind the due date at all times.... June 15 due, will pay July 10... July 15 due, pay August 10th. I see no way to catch up before 60 days is up... And they know we want reaffirm.

Being late on the June payment gave us the wiggle room we needed to fix the roof leak and ceilings....

Do you think staying late thru this BK process is an issue HHM?

[ska]

I wonder how quickly most mortgage companies foreclose. I think many realize that some people have bad months, especially those who are entering bk.

I am a little over a month behind, trying to play catch-up. I sent in a partial payment and they accepted it. The only notification I received prior to filing bk, was to call and speak with a loan counselor. I just sent my next payment. I will see how that goes.

[CatsInTrouble]

what can I say HHM_-- I should have listened to you.

We got called away for a funeral out of state, pretty much spending our mortage. We were one payment behind, and came back, ready to make it. Instead we found lift of automatic stay papers. ONE FORKING PAYMENT.

We had our lawyer answer them, fee involved, as I guess we'd like to reaffirm.... Now they want several thousand dollars to call it current and drop the lift of automatic stay--- EXORBITANT lawyer fees on their part. SEVERAL THOUSAND. Not just mortgage payments (which we've been saving up now per our lawyer).

I missed one payment. One lousy $800 payment which we used to hop on a plane and attend a funeral which I would NOT have missed EVER in my LIFE. But now it's costing us thousands.

Oh, and the thousands? They want it like, NOWish!! Didn't even give us much time.

Do we have any options?

What if we let the automatic stay life go thru, but keep making payments?

Here's another question: Why do I even want this leaky roof, leaky basement, bad location house? WHy should I f-ck up my summer and live hand to mouth for the next couple months for this house? Why DON'T I let it go? Any good reasons?

How hard is it to get an apartment/condo rental with a BK on your record?

[CatsInTrouble]

ps its Citi, my mortgage lender....

[aces67]

If you're really upside down on the house and it needs repairs you may be better off to just walk away at this point.

[ska]

what can I say HHM_-- I should have listened to you.

We got called away for a funeral out of state, pretty much spending our mortage. We were one payment behind, and came back, ready to make it. Instead we found lift of automatic stay papers. ONE FORKING PAYMENT.

We had our lawyer answer them, fee involved, as I guess we'd like to reaffirm.... Now they want several thousand dollars to call it current and drop the lift of automatic stay--- EXORBITANT lawyer fees on their part. SEVERAL THOUSAND. Not just mortgage payments (which we've been saving up now per our lawyer).

I missed one payment. One lousy $800 payment which we used to hop on a plane and attend a funeral which I would NOT have missed EVER in my LIFE. But now it's costing us thousands.

Oh, and the thousands? They want it like, NOWish!! Didn't even give us much time.

Do we have any options?

What if we let the automatic stay life go thru, but keep making payments?

Here's another question: Why do I even want this leaky roof, leaky basement, bad location house? WHy should I f-ck up my summer and live hand to mouth for the next couple months for this house? Why DON'T I let it go? Any good reasons?

How hard is it to get an apartment/condo rental with a BK on your record?

My lender requested a releif of stay after they held my June payment for 2weeks and filed at the beginning of July, then proceeded to say I hadn't paid June and July too. Well, they had the June payment, which cleared my account prior to the relief of stay being filed and I had already sent my July by the time I received my papers. My attorney will be sending a response, and yes, it will cost me more money. I owe about what my house is worth, so I don't want to let it go.

How upside-down are you on the house? If it isn't too much, maybe keep it. If I let my house go and tried to rent, I think it would cost me more in the long run due to the loss of tax deduction.

[CatsInTrouble]

ska, that's true about tax dedction, I had read your account too, when I did a search on this.....

I'm not upside down though. I think on paper we have a LITTLE equity (although who can REALLY sell a house these days for what it's REALLY worth?) We owe like 122K and it's prob worth like 130K IF IF IF it was sellable, but who is sell-able these days?


I'm so annoyed.

[ska]

ska, that's true about tax dedction, I had read your account too, when I did a search on this.....

I'm not upside down though. I think on paper we have a LITTLE equity (although who can REALLY sell a house these days for what it's REALLY worth?) We owe like 122K and it's prob worth like 130K IF IF IF it was sellable, but who is sell-able these days?


I'm so annoyed.

I understand what you mean about "sellable." It is very frustrating. I'm so annoyed, too!!!

My attorney is going to send the mortgage company's attorney a schedule of when I will be caught-up. I would love to be caught-up by the time of the hearing, but I don't think that is going to happen. We'll see what their attorney says.

[OhioFiler]

what can I say HHM_-- I should have listened to you.

We got called away for a funeral out of state, pretty much spending our mortage. We were one payment behind, and came back, ready to make it. Instead we found lift of automatic stay papers. ONE FORKING PAYMENT.

We had our lawyer answer them, fee involved, as I guess we'd like to reaffirm.... Now they want several thousand dollars to call it current and drop the lift of automatic stay--- EXORBITANT lawyer fees on their part. SEVERAL THOUSAND. Not just mortgage payments (which we've been saving up now per our lawyer).

I missed one payment. One lousy $800 payment which we used to hop on a plane and attend a funeral which I would NOT have missed EVER in my LIFE. But now it's costing us thousands.

Oh, and the thousands? They want it like, NOWish!! Didn't even give us much time.

Do we have any options?

What if we let the automatic stay life go thru, but keep making payments?

Here's another question: Why do I even want this leaky roof, leaky basement, bad location house? WHy should I f-ck up my summer and live hand to mouth for the next couple months for this house? Why DON'T I let it go? Any good reasons?

How hard is it to get an apartment/condo rental with a BK on your record?

I doubt they'll foreclose if you're only a few weeks late. I would not reaffirm based on your description of the property.

[Strapped4Csh]

ska, that's true about tax dedction, I had read your account too, when I did a search on this.....

I'm not upside down though. I think on paper we have a LITTLE equity (although who can REALLY sell a house these days for what it's REALLY worth?) We owe like 122K and it's prob worth like 130K IF IF IF it was sellable, but who is sell-able these days?


I'm so annoyed.

We were in a similar situation. The value of our house was showing equity, but if we sold, paid a realtor and transfer taxes, etc we would have been about 15k upside down at closing. We weighed the whole thing out, and decided it was best to rent - it didn't cost that much more monthly, and our costs are much more predictable, and I don't have to mow a 1/2 acre lawn!

Another factor to consider - is the tax savings enough to offset the cost to maintain and repair (for example taking care of the yard, or if your furnace or AC dies, and you have to pay out of pocket, can you afford to pay for that? Once you're out of BK, maybe you will be able to. Maybe your tax savings are significant and warrant the risk.)