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    #1

    worried about house....

    We are going to file chapter 7 and my biggest worry is our house....
    We have been late in the past and we have done remodifications on our loan. I'm worried I will have problems getting the loan reaffirmed w/ the mortgage company. I am currenty 1 month behind and plan on paying the mortgage current before filing- does anyone have any advice or expierence on this?

    thanks so much for your help and input
    Tags: None
    #2
    If you intend to keep the home when you file, you *MUST* be up to date on your mortgage payments on filing day. Be sure you can prove this with documentation if asked - some of the lenders are playing hardball these days stating the mortgage was in arrears on filing day when it really wasn't. Be prepared.

    If you are filing with a bk lawyer, he/she is the best source to know if reaffirming your mortgage is the right thing to do in your situation. If your home is worth much less than you currently owe, it might not be in your best interests to reaffirm.

    Some states (and I don't know if Ohio is one) have a law on the books that as long as a borrower is on time making asset payments every month, the lenders cannot repossess or foreclose even if the bk filer doesn't reaffirm the debt. Ask your lawyer if this might be the case in Ohio.

    (By the way, I deleted your duplicate thread posted in the Genl Bk forum. It's against our forum rules to post the same question in more than one forum location. We've found over many years that it's best to keep just one question thread going in one forum at a time - you'll get better and more answers this way. Thanks!)
    Last edited by lrprn; 05-09-2010, 07:48 PM.
    I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

    06/01/06 - Filed Ch 13
    06/28/06 - 341 Meeting
    07/18/06 - Confirmation Hearing - not confirmed, 3 objections
    10/05/06 - Hearing to resolve 2 trustee objections
    01/24/07 - Judge dismisses mortgage company objection
    09/27/07 - Confirmed at last!
    06/10/11 - Trustee confirms all payments made
    08/10/11 - DISCHARGED !
    10/02/11 - CASE CLOSED
    Countdown: 60 months paid, 0 months to go

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      #3
      What you may have to reconsider, as hard as it may be, is if you can truly afford your home. Many people try o keep their home and then find out after the fact it was the wrong thing for them to do as they truly could not afford to do so. Bankruptcy alleviates debt but it does not solve cash flow or lack of income problems.
      _________________________________________
      Filed 5 Year Chapter 13: April 2002
      Early Buy-Out: April 2006
      Discharge: August 2006
      "A credit card is a snake in your pocket"

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        #4
        Flamingo right on: Get that payment up to date, before you file try your "new start" budget right now. If it seems that you cannot make it now, you won't make it later. If you reaffirm the house and things go further badly, you then are stuck with a Judgment. Pay through is the answer, or if budget fails, a smaller house may be purchased in some panic or estate sale. You buy from the owner on contract for Deed. No credit check and you could walk away if you had to without damage. It is like "rent to own". 'Hub
        If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

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          #5
          thank you

          thank you for all your responses. We recently had our loan modified and we can afford the payment. With our monthly wages - and what we have to pay out- we can afford our bills- it is just the extra past due stuff that is lingering that sneaks up and gets us. Most of our debt is medical bills. If I would've now then, what I know now, I just would have sent them 5.00 ea/ month. I didnt even know that was possible - they were demmanding 50.00/ month or 75.00/ month...

          thank you for all your help. I will make sure the mortgage is current and stay on top of it before we file.

          Comment

            #6
            Originally posted by momof3fromoh View Post
            thank you for all your responses. We recently had our loan modified and we can afford the payment. With our monthly wages - and what we have to pay out- we can afford our bills- it is just the extra past due stuff that is lingering that sneaks up and gets us. Most of our debt is medical bills. If I would've now then, what I know now, I just would have sent them 5.00 ea/ month. I didnt even know that was possible - they were demmanding 50.00/ month or 75.00/ month...

            thank you for all your help. I will make sure the mortgage is current and stay on top of it before we file.
            I can understand this. We were stupid and allowed ourselves to get way behind on utilities, water, and one house payment when we were trying to keep up with the CC payments. Playing catch up with those things has proven more difficult than I thought.

            Comment

              #7
              I am hoping this bankruptcy is a light at the end of this tunnel.... The stress is just about driving me crazy. I have 3 children, I'm finishing up college- I'm sure hoping things go smooth with the bankruptcy. I appreciate this board - I'm taking all the tips and adding them to a list of things to make sure I get done before filing.

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