Chase Mortgage, anyone?

[Dizzy]

We are planning to file a Chapter 7 and are not planning to reaffirm our mortgage. We are two (almost three) payments behind. I spent hours on the phone with them today only to find out that any payment arrangements we make now to catch up would be void when we file. There is no way to bring the balance due current before we file. I guess that means we'll have to move. Have any of you had this situation with Chase? Could you tell me how long it took them to force you to leave your home?

[lrprn]

Have any of you had this situation with Chase? Could you tell me how long it took them to force you to leave your home?

How long it takes Chase to foreclose and take your home back is dependent on your state's foreclosure laws. Chase has to follow those laws like everyone else.

If you tell us which state you live in, we can give you an idea of what the foreclosure timeline is like and how long you might be able to stay in the house rent-free after filing.

[ska]

We are planning to file a Chapter 7 and are not planning to reaffirm our mortgage. We are two (almost three) payments behind. I spent hours on the phone with them today only to find out that any payment arrangements we make now to catch up would be void when we file.

You say you spent hours on the phone trying to make payments arrangements with them. Would you like to keep your home? It is interesting to know that any payment arrangements would be void once you filed. If you want to keep the home, have you considered chapter 13.

We are only one month behind and I want to keep my BK a chapter 7, but I really need to get caught up soon! I am hoping to be caught-up prior to discharge, so we can just keep paying.

[Dizzy]

1)We live in Alabama.
2) Sadly, if we do a 13 then all our other debts are included plus the attorney fees, etc (which are MUCH more here than fees for a 7) and that monthly payment to the court would put us right back in the boat that got us here in the first place. If we erase all our debts, we could afford the mortgage payment once again but there is not way for us to cure the arrearages by the date Chase demands. If we could bring it current and keep making the payments on time, we could stay. even if we didn't reaffirm.

[ska]

1)We live in Alabama.
2) Sadly, if we do a 13 then all our other debts are included plus the attorney fees, etc (which are MUCH more here than fees for a 7) and that monthly payment to the court would put us right back in the boat that got us here in the first place. If we erase all our debts, we could afford the mortgage payment once again but there is not way for us to cure the arrearages by the date Chase demands. If we could bring it current and keep making the payments on time, we could stay. even if we didn't reaffirm.

I understand your reasons for not wanting to do a 13. That is exactly how I feel. My attorney has talked to me about the possibility of converting to a 13 in order to save my house and not having to become current, but I really do not want the trustee hanging around for 5 years.

Have you talked to an attorney? I wonder if once you file, you could work out something with the mortgage company. I am not sure how that would work, but it seems that the mortgage company really doesn't want to take your home, just for you to pay them.

[Dizzy]

I understand your reasons for not wanting to do a 13. That is exactly how I feel. My attorney has talked to me about the possibility of converting to a 13 in order to save my house and not having to become current, but I really do not want the trustee hanging around for 5 years.

Have you talked to an attorney? I wonder if once you file, you could work out something with the mortgage company. I am not sure how that would work, but it seems that the mortgage company really doesn't want to take your home, just for you to pay them.

Oh, yes, I've talked to five attorneys. Unfortunately there is just no way to have my cake and eat it, too, lol! I must either catch up my past due payments before I file a 7, file a 13 which I can't afford, or lose the house. I'm just wondering how much time I have before they come put our things on the curb. I'm thinking of making a payment every other month just to screw up their timeline. Has anyone done this?