Mortgage/Stay question

[Freddy03]

I need some terminolgy help

When I file my Ch 7 next month my March mortgage payment will be late a little over 30 days. I won't be able to pay on time until I hit a 3 paycheck month in June/July. So until then my mortgage will be late.

So I guess I'm confused on what "relief of stay" actually means. If they file this does this mean I have no choice but to start the FC process, I can't "pay and stay"??

Thanks

[newbie2]

"Relief of stay" means that a creditor is asking the BK courts permission to proceed with collection from you (whether collection is asking for payments or proceeding with foreclosure / repossession).

This is one of the reasons why it is highly suggested that when filing Chapter 7 that you are current on secure debt payments. (In a Chapter 7 there is nothing to address arrears, so the lender will often file for a relief from stay.) You may still be able to "pay and stay" but that is going to be up to your lender.

[tobee43]

freddy....newbie is coorect......and like stated it's going to depend on the lender....

right now..it appears it's taking some time in this area....but one never knows with these terrible banks.....

what does your atty say...i know in our district we have some weird things happenings.... and i have recently heard that the banks are working more with people here because of all the vacate houses...i hope that will be the case with you..

[Freddy03]

Ok thanks - well if they want the house b/c I'm a month late then they could have it...lol There is no way I could get caught up before we file.

[tobee43]

Ok thanks - well if they want the house b/c I'm a month late then they could have it...lol There is no way I could get caught up before we file.

this weekend my dh was out doing the rounds...( he's the HOA vp...and ex cop)...so he does security rounds....when he saw two people at one of the foreclosures in our community...a truck and two guys....so he stopped and spoke with them...actually, they knew more that he did as we have only been in just over a year....

well...they said they were hired by the bank to check out the house and it JUST stated to get foreclosed since 2009!!! wow......and i know we had to be 3 months behind in our mortgage before Chase would even allow us to apply for a loan mod......

are you going to try to do a loan mod????? that can help in a way....at least it give you some paper to show your trying??? just a thought...

[Freddy03]

this weekend my dh was out doing the rounds...( he's the HOA vp...and ex cop)...so he does security rounds....when he saw two people at one of the foreclosures in our community...a truck and two guys....so he stopped and spoke with them...actually, they knew more that he did as we have only been in just over a year....

well...they said they were hired by the bank to check out the house and it JUST stated to get foreclosed since 2009!!! wow......and i know we had to be 3 months behind in our mortgage before Chase would even allow us to apply for a loan mod......

are you going to try to do a loan mod????? that can help in a way....at least it give you some paper to show your trying??? just a thought...

I highly doubt they would start the FC process over a month b/c I'm currently 100K underwater with 3 FC properties in my neighborhood of 24. I would like to try and mod after discharge b/c my mortgage is high and really not worth it. I could rent somewhere less. In a perfect world I would get a loan mod and reduce my mortgage by a couple hundred per month then stay and pay for as long as I want. But who knows what will happen. I would just hate for them to start the FC process over a month. I haven't told them I'm filing yet.

[tobee43]

I highly doubt they would start the FC process over a month b/c I'm currently 100K underwater with 3 FC properties in my neighborhood of 24. I would like to try and mod after discharge b/c my mortgage is high and really not worth it. I could rent somewhere less. In a perfect world I would get a loan mod and reduce my mortgage by a couple hundred per month then stay and pay for as long as I want. But who knows what will happen. I would just hate for them to start the FC process over a month. I haven't told them I'm filing yet.

well,actually, my reason that i mentioned the loan mod was as a possible effort to "stall" the process.....athough we still got served....NOT a NOD....but just served while in the middle of our loan mod....

i really do not think and i think at this point from what i remember...we didn't even get a late notice until almost 60 days...maybe a call or two....but nothing serious for over 6 months at least......that was our personal experience...

[ValleYum]

Freddy? I was more than 4 months past due at my 341. Our TT didn't blink - said if we needed help with a Short Sale to let him know - I still don't understand exactly what he meant by that ::shrug:: Having the house on the market would not work well for us due to hubby's needing to be able to get DOT hours of service mandated rest periods and having no set work schedule.

Chase had told me I had to be 90 days past due to be able to discuss a Loan Modification with them - - so when they "lost" the first packet of info right off the bat we just said "Forget it - we don't want this house badly enough to be stressed into heart attacks over a Mod you aren't going to give us" and went on and filed. We got the Acceleration Warning just before filing. Chase (unbelieveably to me anyway) did not file for a release from stay.

Today is Day #61 (woot woot) for us - I just wanted to tell you what my experience was. YMMV. I hope your 341 and stay in the 60-day club is flawless!!

[Freddy03]

Freddy? I was more than 4 months past due at my 341. Our TT didn't blink - said if we needed help with a Short Sale to let him know - I still don't understand exactly what he meant by that ::shrug:: Having the house on the market would not work well for us due to hubby's needing to be able to get DOT hours of service mandated rest periods and having no set work schedule.

Chase had told me I had to be 90 days past due to be able to discuss a Loan Modification with them - - so when they "lost" the first packet of info right off the bat we just said "Forget it - we don't want this house badly enough to be stressed into heart attacks over a Mod you aren't going to give us" and went on and filed. We got the Acceleration Warning just before filing. Chase (unbelieveably to me anyway) did not file for a release from stay.

Today is Day #61 (woot woot) for us - I just wanted to tell you what my experience was. YMMV. I hope your 341 and stay in the 60-day club is flawless!!

Thanks I want to stay in the house. I will continue to make monthly payments. Maybe I can pay a little more each month to make up the one late payment.