Question about my mortgage & chp 7.

[ANewLeaf]

If I am not current on my payments will I still be able to file fo chapter 7? Or will I most likely need to file for chapter13?

[GettingGoing]

If I am not current on my payments will I still be able to file fo chapter 7? Or will I most likely need to file for chapter13?

I am not an expert however I am in the same situation as you are and from all of my research and talking to attorneys it seems to depend on the mortgage company if you are able to keep your house or not. Are you currently in some type of a trial mortgage workout or modification?

[ANewLeaf]

I am not an expert however I am in the same situation as you are and from all of my research and talking to attorneys it seems to depend on the mortgage company if you are able to keep your house or not. Are you currently in some type of a trial mortgage workout or modification?

I am, we're currently doing a modification. It doesn't matter to me if we keep the house, due to the fact that we do have another place to live if need be.

So if I can till fie for Chapter 7, I'd rather do that than having to file for 13.

[GettingGoing]

I am, we're currently doing a modification. It doesn't matter to me if we keep the house, due to the fact that we do have another place to leave if need be.

So if I can till fie for Chapter 7, I'd rather do that than having to file for 13.

According to BK department at my mortgage lender, me filing ch7 bk will not alter or hurt my modification trial as long as I continue to make my payments on time.

[ANewLeaf]

According to BK department at my mortgage lender, me filing ch7 bk will not alter or hurt my modification trial as long as I continue to make my payments on time.

I'm aware of that, however I would like to know (due to the fact that I am behind on my mortgage) If I would still be eligible to file for chapter 7, or would I have to file chapter 13?

[DeadManCrawling]

Tricky questions. It depends on the lender, the bk district, and your particular case.

In the past, you generally HAD to be current to keep the home in CH 7. Several posters here experienced this a few years ago.

Recently, though, other members have successfully kept the home after 7, even when they were behind. Some mortgage companies will continue to work on a mod, even after the debt was discharged. The legality of this has not yet been litigated in any court that I know of. Potentially, this could turn into a "backdoor reaffirmation" and you could end up back on the hook for a debt that was supposedly discharged.

The next couple years should clear things up, but for now it is quite a grey area and there are no guarantees you will succeed. Others have, so I don't mean to discourage you, but their stories were all nail-biters.

If you are absolutely intent on keeping the home, the only way to be certain is to be current. Otherwise, you are rolling the dice and it may or may not work.

best,

-dmc

[GettingGoing]

I'm aware of that, however I would like to know (due to the fact that I am behind on my mortgage) If I would still be eligible to file for chapter 7, or would I have to file chapter 13?

If you want to give up the house then being behind on your mortgage shouldn't have any bearing on if you can file ch7 afaik.

[qsr]

The point is that most people don't want to give up their houses.

I want to file BK7 and attempt to get some of the arrears reduced so I can get back on my payments when I get a job again. Most of the people who are losing their houses now have been unemployed for a long time. I can't work out anything with my mortgage co until after I get a job.

[ANewLeaf]

I talked to my attorney today and he said it should be fine, so we're going to go ahead and file chapter 7. Thank God.... I don't really mind if we keep the house, we are going ahead and moving into an apartment though in Feb.

Thanks for the help guys!