Is it possible to hold off foreclousre 4 more months?

[topekajack]

My dad hasn't paid his mortgage since June. He has been in and out of trial modifications but he has been denied all. His lender (BofA) hasn't initiated foreclosure yet but my dad says he cant stall any longer (so he thinks). He can't file bk for 4 more months. Is it possible to hold off the foreclosure another 4 months? Or, should he just let it go into foreclosure and then file bk... I've heard that it is bad to have both.

Thanks.

[BassBoy]

Having a foreclosure before Bk is sort of a double whammy. In 4 months, he would be 12 months behind and that in itself looks bad, even if the foreclosrue doesn't initiate until after the BK. Negatives that occur before the BK can stay on credit reports even if the account was discharged in BK. I've read of some instances where the previous late payments were no longer "visable", but that may not always be the case.

[ToughTimes]

topekajack,

Do a web search on KS foreclosure law (presuming the real estate is in KS). What comes up for me is that the process takes a minimum of 120 days.

I echo the recommendations of others who have responded to you in other threads: seek consultation with some attorneys.

[good2free]

Hello,

You can file BK the day before your trustee auction sale date. There is nothing wrong in having CH7 and foreclosure. I am pretty sure It does not matter in the credit report. As far as CH7/CH13 are concerned, you need to find out if you need your mortgage payment to pass the means test or not. I am sure the whole foreclosure process will give you additional 120 days. Let us know which state you are in.

[sofarsogood2]

The foreclosure courts are backed up in many areas. In some areas, it can take up to 2 years to foreclose. There is no way to predict how your Dad's particular case will go, but an attorney should be able to give him an idea of how long they are generally taking in his area.

Look online for the foreclosure laws/timelines in your Dad's state. At least you will know how long the "normal" process takes.

Best wishes to you both!

[topekajack]

Thanks everyone... he is in North Texas.