BK and mortgage arrears payments

[jdhelmser]

I'm trying to decide if I should go Chp 7 or Chp 13. I"m 4 months in arrears on my mortgage and have in hand a forbearance agreement ( I have not signed) from my mortgage company. I know a Chp 13 can help me to reorganize those arrearage payments, but I don't believe I can sustain a 5 year repay plan to the trustee.

A Chp 7 is much easier but not sure how that will protect my home. If I start making my mortgage payments, I don't believe the mortgage company will foreclose on me.

Has anyone done a Chp 13 mortgage arrears reoganization plan. Has anyone filed a Chp 7 and actually kept there home and actually received a mortgage modification loan? Thank you, JD

[JRScott]

Whether you could keep the home in a 7 depends on several factors.

First you have to be caught up in payments by filing date (the 341 at the latest).
Second your equity in the home has to be able to be exempted by your state exemptions.

Many folks do file a 7 and keep their home.

In a 13 you can put the arrears in the payment plan. I'm not sure of all the specifics in that case though.

[butterfly54]

filed bk 7 discharged 12/8/09 foreclosure of house included. What is the possibility of quit claim deed the house over to husband he is not on loan or property bfore we are served final papers from foreclosure court?