Keeping house in Ch 7 and being current...

[JEM]

I'm pretty sure I know the answer to this...but want to make sure.

We plan to keep our home...until this month...we've never been late. This month it will be exactly 30 days late. However, this week was the first week stopped paying our CC's.

So next month we should be able to catch back up and be on time again with the mortgage since we won't have all the CC payments. This month, there was just no way to pull it off.

When you file Ch 7--being current on the house means at the time of filing, correct?

It doesn't mean that you can NEVER have been late, right?

[StartingOver08]

Right, current at the time of filing. Happy Thanksgiving - enjoy your home and family today.

[liboton21]

My lawyer said 30-day late is fine as long as I do not have a NOI. I have BofA and he will write a letter to them that they can still talk to me while in automatic stay since I'm in modification last October through NACA. I'm going to file first week of December just gettign tired of creditors calling the house and work.

[Mommyoftwo]

We are doing the same- chapter 7 and keeping the house (thankfully). We're generally about 10-15 days late and just beginning to get caught up. We did have to be current at the time when we filed (we barely were) and she advised the same as above- keep it within the 30 day window. Good luck to you.

[JEM]

My lawyer said 30-day late is fine as long as I do not have a NOI. I have BofA and he will write a letter to them that they can still talk to me while in automatic stay since I'm in modification last October through NACA. I'm going to file first week of December just gettign tired of creditors calling the house and work.

What is a NOI?

[Meatstick]

I assume it is "Notice of Intent" to forclose.



Meatstick

[JEM]

I assume it is "Notice of Intent" to forclose.



Meatstick

Oh, ok. No I don't plan for us to get to that point. I was just wondering because we "might" end up with a 30 day late this month, but by next month with us not paying CC's ----we should be able to work back to paying before we get a 30 day late and the following month back to paying by the 1st of the month. (We won't file till most likely March at this point anyway)

[Meatstick]

We are also filing in March but will not re-affirm our upside down house.



Meatstick

[JEM]

We are also filing in March but will not re-affirm our upside down house.



Meatstick

Thankfully, our house is not upside down. We don't have much equity at all, but it's not upside down. We're in TX, where for the most part, houses haven't lost a lot of value.

[SPalin]

Boy, does this sound familiar! Was current on everything then in July received a 15% pay cut and then Chase, then CitiBank lowered my credit lines and then raised my interest rate to 29-33% for being over the new lower credit limits! Skipped August mortgage payment (Chase told me I had to be late on my mortgage to do a loan modification). Then went to the attorney and discussed things... with being over 100k upside down on the mortgage and with Chase's lack of doing a loan modification (they offered a trial payment of $160 over my regular payment while they see if I qualify for a loan modification!, and since the CA housing market in the Central Valley will not bottom out for another 1.5 to 2 years! It is better for me to walk, rent and save up for a new home. The way the loan modifications work the bank's can get more money from a foreclosure, so there is little incentive to do one. Best of luck on you path back to fiscal stability!

[Lana]

Don't worry about it. No mortgage company today will make a move unless you are severely late. If they're paid even halfway on time - they will do absolutely nothing.