HELP! Got NOD today after missing only 2 months of 2nd mort

[AfraidOfBK]

HELP! I havent paid mortgage (1st and second loan with Chase) since Feb. Actually, I missed Feb's pmt on the second but made Feb's pmt on the first mortgage (unplanned mistake on my part).

Funny hting is...the second mortgage dept is the only one calling every day.....NOW I got a NOD (which just came regular mail....is it supposed to arrive certified?)

How soon are they gonna kick me out now, and why hasnt the first mortgage contacted me at all?

Should I pay one pmt of the second mortgage ($300) just to delay htings (I need to stay here as long as possible) Will that delay things? I am planning to surrender home in BK7 in July, but I have loan mod papers in on the first...could that be why theyre not contacting me? If thats the case, then id like to get the second mortgage people off my back so I can stay in the house while they try to work out a loan mod (which is highly unlikely ocnsidering our circumstances) and then do BK.

HELP, Im having a baby in May and need to have some idea of a timeline for moving

[StartingOver08]

I gave a longer answer in your other post - but the short answer is DON'T PAY THE SECOND.

They always push a little harder because they know they don't have a leg to stand on - when your home goes through the entire foreclosure process, the second mortgage will be extinguished. (Gone...poof!). They know that so they are like the squeeky wheel. Ignore them.

[AfraidOfBK]

But since I got an actual NOD, doesn't that mean the process continues like a foreclosure? Do I just wait for the first to send an NOD now?

Is there any hope of me delaying this a little longer? I thought I had more that a few months before the NOD would come (Im in Nevada with Chase)

I also have loan mod papers in with the first. Changes have taken place with our finances since I input it (DH's income was decreased) Should I call and update this info to delay process or will it not even help....

I know at the very least, it will hurt our chances of qualifying for a loan mod sinc eour monthly defecit is so bad, but Im not really looking fro a loan mod anymore (I was initially) now I just want to surrender the house when I file in July...

[AfraidOfBK]

ALSo - my NOD letter from Chase said they might have to have someone come look at the home to see what kind of condition it was in....is this allowed? Is till own it and foreclosure hasnt even really started

[StartingOver08]

Yes, someone can come look at your home. If you check your note and mortgage there is generally a clause having to do with inspections and keeping the house in good repair.

The reason the bank sends someone by is because the servicer makes $$$$ on this. It is a junk fee and generally the person they send by does a drive by and a photo to make sure the house looks good. They do not come inside unless the house appears vacant. This can happen at any time, even if you are current. But of course it really only happens when you are in default.

Each lender/servicer is a little different. On my rental property the servicer sent out for 'inspections' every 3 weeks. Now of course they did not really go out - it was just a fee they kept adding to the overall balance. This is one of the areas that mortgage servicers frequently pad to push up their servicing fees.

As to surrendering the house - that is your best course of action at this point. It is unlikely that the lender can foreclose prior to your filing and the filing will delay the foreclosure anyway. You may want to talk with your attorney to see if a response needs to be made to the NOD to formally delay the foreclosure until you can file.

[AfraidOfBK]

StartingOVer,
I responded in other post, but now that they have told me i dont qualify for loan mod, will they accelerate foreclosure? They said Ill get NOD next month if I dont get current (or at least only 1 month behind)

I DEFINITELY dont want house, and plan to surrender in BK, but will filing in july be too late? SHould I go for june instead?

The reason for waiting is for med bills to come up after baby delivery in last week of May. Hospital bills can take a while to get out, so will I still be bale to include them since the dates of service are B4 BK?

[lrprn]

The reason for waiting is for med bills to come up after baby delivery in last week of May. Hospital bills can take a while to get out, so will I still be bale to include them since the dates of service are B4 BK?

You can include any debt for services rendered BEFORE you filed. It's not unusual to list a creditor with an approximated debt value when you file. You don't even have to wait to get the bills if you really need to file before July - you just need to know the name and mailing address of the creditors.

[AfraidOfBK]

Thanks for the response, Irprn. How would I estimate debt value for medical procedures? Do you think July is waiting too long to file and avoid foreclosure?

I am correct in assuming I have to file before foreclosure, right? Otherwise, I will have two hits on credit and would I still be liable for a potential/future deficiency judgement?

THanks

[fyi2]

Nevada

I am behind in 1st and 2nd mortgage for april and now may and my car due
We are really struggling yet we are above the median for the means test

I don't know if I am keeping or letting the house and car go or not...or sure

I need the payments to qualify in the means test but if I am not current I don't get to count them anyway - right?

I am upside down in in car and house and it would be the best business decision to include in bk but then you cant include the payment in the means test - right?

Distressed Nevada