I have 30 days left till the 60 day club. We had to stay current on our house to qualify for a chapter 7. Is it safe to stop paying on the house since we have 30 days left? I feel like we are just throwing money away if we make our July payment. My thought is the worst that can happen is that we'll just be about 3 weeks late on our mortgage.
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First off, stop counting days and enjoy the automatic stay, next, start being financially responsible and pay your mortgage on time. You are leaving parts of the story out of your question, do you intend on paying the mortgage or are you intending on surrendering?Comment
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We intend on surrendering the home after we get our discharge. The only way for us to qualify for a chapter 7 was to include our house with the intention to keep it. Our last payment on the house would be for the month of August which would be our 60 day. Would it be safe to not pay our July payment or are we taking a risk?Comment
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I stopped paying my second at the point that you are now. 30 days after the 341. and haven't paid it since (6 months). I figure if it somehow became problem, I would catch it up. I put the money in savings just in case. But realistically, they propably couldn't even move fast enough to do anything even if you were 60 days late if they are a big bank.Wife Laid off - 11/16/2009 Missed First Payments - 12/5/2009
Filed Chap 7 - 12/31/2009
341 - 2/12/2010
Discharged - 4/19/2010
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The only thing I can think of is that the lender can ask for a lift of the automatic stay. That may trigger the trustee to ask if you are really intent on "riding through". Probably in all likelihood the timing wouldn't be ripe for this to happen, but we really can't be sure.Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.Comment
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you can always stop paying of course, you can put on your intention that you want to reaffirm.This Forum is better than any lawyer I met.Comment
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You must have had one hefty payment.
If I was you, I would have listed the IRS allowance as your housing expense, and I would have stopped paying on the mortgage several months ago, I would have surrendered it within the bankruptcy. You are just throwing money away.
Remember, your expenses are forward looking, and if the lender wants to cry foul, which they probably won't, they could during your case, as you listed them and all of your creditors.
Now, if in fact you stop paying at this point, well, all you can say to the trustee or creditor is, "that was then, this is now", use the IRS expense, and everything is kosher. If you surrender the house, the lender still must go through the foreclosure process in accordance with state law.
Hopefully you fall through the cracks.Comment
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