Mortgage company just called for the first time...

[Panacea]

but I froze! Giving the house up, first payment skipped this month. So it was them, and I let it go to voice mail, but they left no message.

Do I tell them I'm bailing, filing BK and start the foreclosure??? Or, do I say I'm having financial difficulties and working on trying to get something together. Maybe they'll say they feel bad for me and they'll cut my mortgage payments in half?!?!?! hahahaha!

I don't know what do say, except for the truth, which is BK and foreclosure. Will that push them faster into foreclosure, or make me file BK faster??(not planning to till Nov 1st).

[tyson24]

My opinion is I would not tell them anything. Do you have other debt? Like CC's, car loans, second mortgages? I know people that are still in their houses 2 years past. I will file within the next 2 weeks and I will not tell my mortgage company. Save some money by not making your payment. Unless you have someone else coming after you, I would wait it out until at least the first real foreclosure notice. I stopped paying September/October of 2008 and I still have my rental property.

This is only my opinion, not legal advice.

[Panacea]

Thx tyson. I'm going chapter 7. Giving up the home, heloc, cc's, and possibly car but still hanging on the that thought. I guess I'm not so concerned, AT THIS MOMENT!, of keeping the house as long as possible mortgage free. I'm more concerned with just how to handle the phone calls from the mortgage company. I don't want to work things out, unless of course, the offer much less.

[tyson24]

Bank of Americagave me a workout in February of 09'. We have made every payment on time. They didn't take any money off though and the interest rate stayed the same. Payment went up because escrow was empty but that will change soon. Good luck and I hope everything goes well for you

[AlmostAmos]

I would think of a creative excuse to use for the first few months that LEADS them to believe they MIGHT actually see the $ if they play nice. We told them that due to a loss in incoming (medical related) we had to step back and figure out how we were going to pay things and that things like food came first. We told them we could NOT pay right now but would get back with them in another month... After 3-4 months, we started talking to them about a modification. After 7 months, we filed BK CH7. We were never threatened/hassled/etc., it was VERY easy to string along. So, as of today, we haven't paid on our 1st or 2nd for 8-1/2 months and haven't heard ANYTHING about foreclosure/etc. We DID file in early July.

Advice - calm down and DON'T worry about it. It seems like a big deal early on but it isn't. Life is way too important to stress about BK. BK is a fresh start!