Have been delaying filing Ch. 7 so that our kid can graduate high school without being disrupted. However, the credit union that holds our second mortgage has sent a certified letter that they will take legal action that could result in a court-ordered judgment. Should we file now?
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Yes. The sooner the better. Bite the bullet and get it behind you. It will save you trouble. 'HubIf 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. -
What you received is probably a "notice of Intent to Accelerate." That is the first notice that is usually sent when a bank starts to move toward foreclosure.
If your house is underwater, including the second, this is pretty much a non-issue. In any case, you likely have a month or two, depending on how fast foreclosures are in GA, before anything really happens. And there are plenty of ways to delay the bad stuff. But if you want this out of your hair, and are otherwise ready to file, no harm in doing so now.
As far as disruption, well, usually there is very little, other than the mound of paperwork to do for filing.Comment
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