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Late on 1st/2nd Mortgage, Just Filed Ch 7, Retain & Pay?

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    #1

    Late on 1st/2nd Mortgage, Just Filed Ch 7, Retain & Pay?

    I have 1st/2nd mortgages ($354k/88k), both with the same lender. The house is worth $300k on the VERY high side. Probably more like $275k. I have not paid either since January as I've been planning my Ch 7 strategy.

    I just filed Ch 7 2 weeks ago. On my petition, I said that I would like to retain both loans but "retain and pay" instead of reaffirm/etc. Obviously this house would be stupid to reaffirm as it is WAY upside down. I said my intention was retain and pay as I was working on the modification paperwork for both loans prior to filing. Neither modification was finalized in any way. Although, I did received paperwork regarding the 1st. A trial payment (first one) is due on 8/1. I'm not sure if I should even pay that at this point?

    I would like to stay in this house and begin paying once again. Problem is, I can't catch up the loan. I would like to modify my loans as my payments are extremely high. What, if any, options do you think I have at this point? Should I just wait until after my discharge to work with them or will they work on a loan mod with me during my Ch 7? My attorney said they will most likely request the stay be lifted as I'm behind.

    Opinions? Just sit tight or see if I can work something out while in Ch 7. My 341 is in a few weeks...
    Stopped paying CCs 1/10 | Stopped paying mortgages 2/10 | Interviewed attorneys 3/10-5/10 | Retained attorney 5/14/10 | Delivered paperwork to attorney 6/17/10 | Filed Ch7 7/9/10 | 341 8/16/10 | Objection Deadline 10/15/10 | DISCHARGED 10/20/10
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    #2
    They may need to get the stay lifted in order to work on a mod now. Or at least get permission (thru your atty) to work with you.

    But a loan mod will not get rid of the 2nd. Best strategy might have been to keep working on the loan mod - while they had you in trial payments they should have stopped any collection activity - and once the 1st was modified file ch. 13 and strip the 2nd.
    Get mortgage modified: DONE! 7 months of back interest payments amortized, payment reduced over $200/mo
    (In the 'planning' stage, to file ch. 13 if/when we have to.)

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      #3
      Well, I'm not worried about having the 2nd removed @ this point. I'd be fine with paying it or working out a mod on it as well. My main goal is to stay in the house w/o reaffirming it or causing it to go into foreclosure b/c of the CH 7 filing. I have/had no interest in a Ch 13 as I've been living one for the past 7 years! I guess I'll try to contact my lender & see if they will talk to me or if I have to get permission from my attorney.

      Anyone else have an opinion?
      Stopped paying CCs 1/10 | Stopped paying mortgages 2/10 | Interviewed attorneys 3/10-5/10 | Retained attorney 5/14/10 | Delivered paperwork to attorney 6/17/10 | Filed Ch7 7/9/10 | 341 8/16/10 | Objection Deadline 10/15/10 | DISCHARGED 10/20/10

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