Mortgage Payment Question

[chente]

I'm absolutely 100% sure that I'm keeping my house. It's up to date and I'm planning along with my attorney to petition in two weeks. My questions is can I skip a mortgage payment while waiting for discharge? It's going to be really tight after I pay all fees and attorney and I was hopping I could skip one during the process. Is it even Steven after Chapter 7 or should I no skip because I would have to catch up anyway.

[btbeme]

Here's the deal... If you do not reaffirm your mortgage, the late would not get reported as a late after your BK discharge - so long as it happens after your filing. The bank can only report your file as Included In Bankruptcy (iib) after you file. I suggest that the payment AFTER your 341 be the one you consider missing.

That being said, the bank will not "forget" the payment was missed, and your statements (once they become active again after discharge and after you request them) will show it, and it will likely collect fees and interest.

Now, after discharge, you might seriously consider pleading with the bank for a loan modification (plenty of posts herein discussing the nuts and bolts of that). Upon those negotiations, you might ask them to forego the late payment and any penalties and interest that will have been applied (even though you don't technically owe them since you did not reaffirm). Sometimes, people discover that their bank pays a lot closer attention to them if they are missing a payment or two or three.

[SMinGA2]

If you want to keep the house, you ultimately have to make the payments. You can discharge the obligation to pay by filing ch. 7, but the bank can and will (eventually) foreclose if you stop paying. (Foreclosure is the legal process for the bank to reclaim title due to nonpayment.) If you skip one payment, you'll have to continually pay late fees and eventually get caught up.

Trying for a modification is always an option - but there are no guarantees.

[Pandora]

question to ask yourself is if you are filing CH. 7, have stopped paying all of your unsecured creditors, and you STILL must skip a mortgage payment to pay your attorney - then there's a bigger issue. What happens when you have an unexpected bill crop up down the road? Are you going to have to skip your mortg. payment once more?

[chente]

Good questions but I'm not here to play What if's.... If I had a way of predicting the future I would not be on this forum. Well what if a plane shaves the roof of my house and I have to pay the repairs? What if a bus hits me on the way to work and breaks my legs?

Come on... Don't waste your time with silly questions. I asked a technical legal question.

Thank You Sigma Bteme I appreciate intelligent responses.

[Pandora]

Good questions but I'm not here to play What if's.... If I had a way of predicting the future I would not be on this forum. Well what if a plane shaves the roof of my house and I have to pay the repairs? What if a bus hits me on the way to work and breaks my legs?

Come on... Don't waste your time with silly questions. I asked a technical legal question.

Thank You Sigma Bteme I appreciate intelligent responses.

Silly questions? LMAO - are you serious?! YOU are the one stating you need to miss your mortgage payment in order to pay your attorney. Do you honestly think you wont have unexpected bills crop up after your discharge? Uh ...like a new roof? House repairs? Remember, you're "100% keeping your house"

Hope a plane doesnt shave off the roof

Get real.

[chente]

Ok

LMAO it's funny how the mentors cant never follow their own advice.

He who can't...... teaches correct?

Ok BK Mentor LOL You get real. Is this your job? To go around giving online lectures lmao.

Its a great service your doing here don't get me wrong. Keep on cyber lecturing LOL

[ValleYum]

I want to preface my answer(s) with this: I had typed out a response to the OP's first post or two before I hit 'Submit Reply'. I then read the posts the OP subsequently made to Pandora. I waited before responding because the OP's response to her peeved me so much. Here are my 'simmered down' replies:

I'm absolutely 100% sure that I'm keeping my house. It's up to date and I'm planning along with my attorney to petition in two weeks. My questions is can I skip a mortgage payment while waiting for discharge? It's going to be really tight after I pay all fees and attorney and I was hopping I could skip one during the process. Is it even Steven after Chapter 7 or should I no skip because I would have to catch up anyway.

Did you ask your attorney's opinion about skipping a mortgage payment?

If you are 100% sure you are keeping your house, you will have to 100% pay your mortgage to do so. You will either have to "catch-up" or ask for a mortgage modification that will take care of the past due balance you create when you skip this payment.

As previously mentioned, a missing payment or 3 may cause the bank to decide a modification request in your favor BUT if you are 100% planning to stay in your house, you need to be prepared to pay up your past due balance and fees if they call your bluff and say no to a mod.

Good questions but I'm not here to play What if's.... If I had a way of predicting the future I would not be on this forum.

Well, you are here on this forum and since few sane people would arbitrarily choose to file bankruptcy; you must have already had one of those "what if" scenarios occur in your world. Therefore, it seems fair if a forum member asks you what your plans would be if another scenario happened that could impact your finances before you were able to file and receive a bankruptcy discharge again.

Several people on this forum have had to file a subsequent bankruptcy because of not having a contingency plan or another event occurring outside of their control.

Personally, I have found that it is best to try to plan for unforeseen circumstances. I let bookmakers, actuaries, weathermen and fortune tellers predict since predictions are their job.

Well what if a plane shaves the roof of my house and I have to pay the repairs? What if a bus hits me on the way to work and breaks my legs?
Come on... Don't waste your time with silly questions. I asked a technical legal question.
Thank You Sigma Bteme I appreciate intelligent responses.

Sigma? Oh, I think you mean SMinGA2. She regularly offers great advice to forum members as does btbeme. I would go so far as to say that many of us who regularly contribute to this forum do our best to offer good advice as well as offer differing viewpoints and yes, we sometimes ask the tough questions of those who are seeking opinions.

Pandora's question to you was neither silly nor time wasting. There are many financial situations that bankruptcy does not solve - a lack of income being a major one. Your indication that you would be in a financial bind without skipping a mortgage payment this month may have been indicative of a lack of income.

LMAO it's funny how the mentors cant never follow their own advice.
He who can't...... teaches correct?
Ok BK Mentor LOL You get real. Is this your job? To go around giving online lectures lmao.
Its a great service your doing here don't get me wrong. Keep on cyber lecturing LOL

In the interest of full disclosure, I feel it necessary to point out to you that your are calling the forum member Pandora by her forum rank of BK Mentor.

We, the members here at BK Forum, request that when newcomers like you choose to insult us, that said newcomer at least insult us while using our correct forum name.

Finally, I will wrap up my post by saying that I don't think you will get very far here if you continue to be an asshat.

Have a nice day.

[Pandora]

...

We, the members here at BK Forum, request that when newcomers like you choose to insult us, that said newcomer at least insult us while using our correct forum name.

Finally, I will wrap up my post by saying that I don't think you will get very far here if you continue to be an asshat.

Have a nice day.

Vale, you never cease to crack me up

Pshaw - water off a ducks back m'dear - like my About Me Page states "If I offend you in any way - then perhaps it's partly because the truth hurts."

Guess I'll throw in a nice southern "bless his heart" for good measure (only in the south right Vale?)

:P