Lost & Confused

[xeniilia]

Quick rundown, we are in that middle ground of our Chapter 7 bankruptcy, still waiting on discharge. We have 2 mortgages. We stopped making payments on them back in April? Somewhere around there. We were going to let them take the house because we were fed up with the 2nd mortgage, a credit union, who refused to work with us at all. We paid on that loan for 3 yrs, and it never budged, we fell behind on that one before bankruptcy. The only thing they offered was to "restart" the loan, adding on all the late fees, at a 17.9% interest rate. The first mortgage gave us a modification back in Sept 2008.

Well now that we are actually getting close to forclosure (the relief of stay was just granted) we kinda would like to keep the house. Chase (1st mortgage) keeps sending us stuff on how to keep the house, mods and refinances, but we don't qualify due to the mod done last Sept. And after talking with their lawyers on the bankruptcy end, they want $5000 to stop foreclosure (past payments plus the lawyer's and court fees) Which just isn't feesable.

Is there anyway to still keep the house? Is there a way to get the 2nd mortgage to work with us? Or a way to get someone to combine the mortgages?

Obviously our credit is crap, and in the midst of bankrupcty, no new lenders want to touch us. We can afford the first mortgage, but not the two combined at the current interest rates, much less the catch-up payments.

I keep hearing about all this help out there for people facing foreclosure, but I feel I'm stuck in the middle, completely lost.

[mynextlife]

Are you current on your 1st mtg?

[xeniilia]

no

[justbroke]

There is no way to prevent the foreclosure except to work with the lender. If they are not offering a modification (which they are not required to) and are saying that you must come current, then you must do so.

I'm suspecting that you also are discharging the mortgage as well (didn't reaffirm). The lender is not in a good position. Once the RFS is granted and once your case closes, try talking to Chase directly about some things. They may or may not be in the mood to deal with you.

[BKch7]

Status update

Quick rundown, we are in that middle ground of our Chapter 7 bankruptcy, still waiting on discharge. We have 2 mortgages. We stopped making payments on them back in April? Somewhere around there. We were going to let them take the house because we were fed up with the 2nd mortgage, a credit union, who refused to work with us at all. We paid on that loan for 3 yrs, and it never budged, we fell behind on that one before bankruptcy. The only thing they offered was to "restart" the loan, adding on all the late fees, at a 17.9% interest rate. The first mortgage gave us a modification back in Sept 2008.

Well now that we are actually getting close to forclosure (the relief of stay was just granted) we kinda would like to keep the house. Chase (1st mortgage) keeps sending us stuff on how to keep the house, mods and refinances, but we don't qualify due to the mod done last Sept. And after talking with their lawyers on the bankruptcy end, they want $5000 to stop foreclosure (past payments plus the lawyer's and court fees) Which just isn't feesable.

Is there anyway to still keep the house? Is there a way to get the 2nd mortgage to work with us? Or a way to get someone to combine the mortgages?

Obviously our credit is crap, and in the midst of bankrupcty, no new lenders want to touch us. We can afford the first mortgage, but not the two combined at the current interest rates, much less the catch-up payments.

I keep hearing about all this help out there for people facing foreclosure, but I feel I'm stuck in the middle, completely lost.

What is your status now?