We have decided whether we move across country or not we are giving up our house. This house is the pit of our existance and one of the biggest reasons we are in our situation. Though, it looks almost 100% that we will be going across country in a couple months.
Our attorney advised us that since we are already confirmed, we just stop paying the mortgage and "eventually" the mtg. company will petition to lift the stay and start forclosure. Then they can file the deficiency amount as unsecured on our plan. Our state is both judicial and non judical with a 12 month redemption period. We will not pay our payment from here on out and will bank the payment for a new rental house.
We were 90-120 days behind on the mortgage when we filed CH 13, arrears included in plan. What kind of timeline are we looking at? I looked in the mtg papers and it said something about advertising in a local county paper for 3 weeks then being sold at the courthouse. I am guessing that is non judicial, right? It also says we have 12 months for redemption.
Does that mean we can stay here for 12 months. I know we won't, just not sure how that works. Also, how fast does it typically move? What are the steps of forclosure?
Also, we had a 2nd that has been stripped. Can we do a Deed in Lieu since the 2nd has been stripped. I am thinking not since the lein will remain until we are successfully discharged but not sure. They are NOT with the same company. Our first was bought by Nationwide Advantage Mortgage about 6 years ago.
Thanks for any insight.
Our attorney advised us that since we are already confirmed, we just stop paying the mortgage and "eventually" the mtg. company will petition to lift the stay and start forclosure. Then they can file the deficiency amount as unsecured on our plan. Our state is both judicial and non judical with a 12 month redemption period. We will not pay our payment from here on out and will bank the payment for a new rental house.
We were 90-120 days behind on the mortgage when we filed CH 13, arrears included in plan. What kind of timeline are we looking at? I looked in the mtg papers and it said something about advertising in a local county paper for 3 weeks then being sold at the courthouse. I am guessing that is non judicial, right? It also says we have 12 months for redemption.
Does that mean we can stay here for 12 months. I know we won't, just not sure how that works. Also, how fast does it typically move? What are the steps of forclosure?
Also, we had a 2nd that has been stripped. Can we do a Deed in Lieu since the 2nd has been stripped. I am thinking not since the lein will remain until we are successfully discharged but not sure. They are NOT with the same company. Our first was bought by Nationwide Advantage Mortgage about 6 years ago.
Thanks for any insight.
Comment