foreclosure in NC

[hannahga1]

I am currently in chapt 13. We cannot afford both trustee payment and house payment. We are behind on both so our chpt will problably be thrown out. Our house payment is too much. Do we have the option to sell or just stop making payments and let wells fargo take it. Not sure what to do. Tried to refinance and credit is shot. Any advice what to do or what will happen if forclose.

[debtisbad]

do not reaffirm the mortage if you go w/ chapter 7. I am so down on homeownership these days. That way if or when you walk you will not owe a decifiency balance

[hannahga1]

for in NC

I can't convert to ch 7 because my payments are not current on my 13 or my home. any good advice.

[lrprn]

I am currently in chapt 13. We cannot afford both trustee payment and house payment. We are behind on both so our chpt will problably be thrown out. Our house payment is too much. Do we have the option to sell or just stop making payments and let wells fargo take it. Not sure what to do. Tried to refinance and credit is shot. Any advice what to do or what will happen if forclose.

Have you spoken about this with your lawyer? If not, call him/her IMMEDIATELY while it's still possible to to request a plan modification. Don't just throw in the towel - then all your debt will come crashing down on you like a ton or bricks with late fees and other fees added on to boot.

How far are you behind on your trustee payments? Did something happen to cause you to slip behind - illness, accident, etc?

Don't just do nothing. Unless you are judgement-proof (have nothing that's worth taking) doing nothing is the worst choice you can make at this point. Keep us posted on what you decide to do, ok? We want to help.

[onepowerfullady]

You can convert to a chapter 7. We fell behind on our chapter 13 because I was out of a job. It is better for you to convert to the 7. You will only have one BK on your credit report if you convert. Who says that you can't convert because you fell behind. Why did they not include your mortgage payment in with your trustee payments? I am curious...

[SinkingFast]

You can convert to a chapter 7. We fell behind on our chapter 13 because I was out of a job. It is better for you to convert to the 7. You will only have one BK on your credit report if you convert. Who says that you can't convert because you fell behind. Why did they not include your mortgage payment in with your trustee payments? I am curious...

If you're trying to keep a house, Lady, you HAVE to be current on your payments. If you file Ch 7 and you're in arrears on your Mortgage payments, the house goes bye-bye. Automatically.

Hannah,.............. Call your attny ASAP about your situation. You definitely don't want your Ch 13 dismissed. Convert to Ch 7 if you can and let the house go. Sounds like it's bleeding you dry anyway.

[onepowerfullady]

If you're trying to keep a house, Lady, you HAVE to be current on your payments. If you file Ch 7 and you're in arrears on your Mortgage payments, the house goes bye-bye. Automatically.

Hannah,.............. Call your attny ASAP about your situation. You definitely don't want your Ch 13 dismissed. Convert to Ch 7 if you can and let the house go. Sounds like it's bleeding you dry anyway.

Sinking...I intended to tell her that she may want to consider letting the house go and convert to the 7. I had to let my house go. It probally would be better to let the house go, convert to a 7 so that she would not be held responsible for any deficiency after they foreclose on the house. That's all I am saying....I gathered from her remarks that she was saying that her lawyer said that she could not convert to a 7 because she fell behind in her trustees payments. I also was asking why she did not include her mortgage payment in with her trustee payments.

[SinkingFast]

Sinking...I intended to tell her that she may want to consider letting the house go and convert to the 7. I had to let my house go. It probally would be better to let the house go, convert to a 7 so that she would not be held responsible for any deficiency after they foreclose on the house. That's all I am saying....I gathered from her remarks that she was saying that her lawyer said that she could not convert to a 7 because she fell behind in her trustees payments. I also was asking why she did not include her mortgage payment in with her trustee payments.

Simply a misread on my part Lady.

It is tough for many of us to let go of our homes. I know. We had to go thru the same thing.

Only thing that made it easier was the fact that we weren't physically living there any more. Still. That house was HOME for us. And it was a hard decision. We said it with our mouths. We're letting the house go in BK. But our hearts were breaking every time we said it.

[onepowerfullady]

It is still hard for us as well. I wanted that house to be our permanent home, but God knows best I guess. I look at that both my DH and I are working, we are in good health and so are the kids. I wish you luck all and much favor in your situations....