NC/Wells Fargo - How long?

[mummy]

I am new here and I know this has been asked a lot but it is so different for everyone. I need some advice.

We are filing Ch. 7. We were Ch. 13 but we have to take furlough days which will lower our income and the attorney said we need to wait until we are a few months behind on our mortgage payments to file.

We have two mortgages one with Wells Fargo for about 130K and one with a credit union for 25K. Our house is listed as being worth 170K but it needs major repairs and would probably only sell for about 140-150K.

We need are planning to let the house go in the Ch. 7 but we need to stretch the process out as long as possible to save $ to move and pay attorney fees.

November was the first month we did not pay our mortgage and we are getting letters and phone calls from both banks saying we need to contact them asap to save our house.

The attorney said we could have anywhere from 3 months to a year before we have to move. Is there anything we can do to stretch this out longer than the 3 months? Should we call the bank and talk to them?

NC has a 4 month NOD and no redemption period. We are a non-judicial state. So it seems like this will be a fast process but the attorney said Wells Fargo is probably behind.

Any advice is welcome! Thanks!

[FreshStart01]

mummy

I'm in Georgia also a non-judicial state and my my mortgage is with Wells Fargo. Our last mortgage payment was back in May,We still havn't received a Nod and just yesterday received a letter saying they are just now turning our file over to their attorneys to first start the foreclosure process.So even if they rushed to foreclose now it wouldn't happen to at least Feb. which means living rent free for 9 months Min. JMO but I think you'll have alot more time than 3 or 4 months in your home.

[mummy]

mummy

I'm in Georgia also a non-judicial state and my my mortgage is with Wells Fargo. Our last mortgage payment was back in May,We still havn't received a Nod and just yesterday received a letter saying they are just now turning our file over to their attorneys to first start the foreclosure process.So even if they rushed to foreclose now it wouldn't happen to at least Feb. which means living rent free for 9 months Min. JMO but I think you'll have alot more time than 3 or 4 months in your home.

Thanks! That is a relief and it looks like you continued to live there after the BK procedure which was another question we had. Did you respond to the letters and phone calls from Wells Fargo and if so what did you tell them.

That is the most stressful thing for me right now is we are not answering our phone and the collectors are getting sneaky and calling friends, coworkers, etc. But I don't know what to say when I talk to them.

Thanks for responding and good luck with your fresh start!!!

[FreshStart01]

Hi Mummy

My last payment was in May and We filed at the end of July so we missed June & July payments but they only called once in July and we didn't answer the phone, they just left a message to call them which we didn't. After we filed Chap7 they filed for a motion to lift the stay which they got in Aug.,Once the stay was lifted they sent us a letter asking if we wanted to do a mortgage modification which we never answered since we're surrendering the house. Never heard from them again until we received the letter the other day saying they're turning it over to their attorney. We're in the opposite situation as you are as we're relocating back to Florida and just want to get out of here but we don't want to abandon the property.

As far as all the annoying calls you're getting,do a thread search on here many others on here have delt with that issue.I'm sure you'll find a solution.Thank God we were fortunate and didn't have that problem.Good Luck.