***Wife on Deed***

[Cramdown]

Great advice...Thanks FLD!!

[Cramdown]

My wife received a letter this week from her BK lawyer and it states:

Order Granting Motion For Relief From Stay

For the reasons set forth on the record on 08/19/2008, on the motion for relief from stay filed by JP Morgan Chase it is ORDERED that the motion is GRANTED.


Ok, what does this mean?

[keepmine]

It means, the creditor may proceed with foreclosure.

[Cramdown]

I just called Chase to discuss the status of my "workout" and they replied that the account was in legal and referred me to ask my questions to my lawyer. I don't have a lawyer, my wife does. Do I need to get one and how quickly can Chase act on foreclosure's? Do I need to panic?

[keepmine]

If you're not current, Chase may proceed with foreclosure. How long depends on the process they have to follow according to the laws in your state. If you want to keep the house, you're gonna have to pay 'em. They are not required to modify the loan.

[Cramdown]

We want to keep the house, but since this has been going on, we are 6 months behind. I just spoke with a Chase representative and they told me to call back this Friday for some "BK Code" to drop off their system and then we could discuss arrangements. Your thoughts on what they might do??? Will they move the six months back pay to the end of the loan?

[Shaoline]

I want to do the same as cramdown. My husband and I have another home we would like to keep, the mortgage is in his name and but I'm still on the deed. I just received my summons which means it is time to start talking to an attorney to get the bankruptcy going. The last time we checked on the equity it was about 30K. I ventured to say that it might be too late to take me off the deed. I put up the money 4 years ago for my husband to buy this house under his name as a wedding gift, but he had to put me on the second to qualify at the time, but 2 years later he refinanced and I told him at that time to make sure the deed was under his name, because I wanted him to own something outright. I wasn't take off the deed which seems to close a door to one of our options. Not sure yet if this is true. having unknowns is difficult.

[Cramdown]

Shaoline, are you the only one filing? And are you filing 13? Your situation is a little different than mine, but sounds like you may have a hard time trying to file without hurting any type of credit he may have. Are you concerned you may loose the house?

[Shaoline]

I'm a wife on deed filing BK - can we keep house?

Hi, my situation is similar to poster. I'm on a deed to a house my husband owns. The down payment for the house was a wedding gift from me 4 years ago, but he needed me to qualify for the loan. 2 years later he refinanced, the mortgage is in his name, but I'm still on the deed.

We do not live in the house, the house is in North Carolina. I'm going to be filing BK this month. I'm desparate to keep this house - it is our retirement home. Since the mortgage is in my husband's name and I'm on the deed, is it likely that the mortgage creditor sueing me will force a sale? I would prefer for them to put a lien or judgement againest the house, if they do that we would be able to live in the house.

As of today's market I might have 30K equity, but the house has been a rental and may not get that much "as is" and technically house is only half mine so does that mean the creditor is intitled to only half the equity.

It would be of such great help if anyone has the answer to this question. One of the worse things about BK besides losing so much is the waiting and not knowing what's going to happen and where you're going to live. We are trying to figure out our future; not knowing details makes it extremely difficult to make any type of plans. We very much want to move to this house in North Carolina, but if we know that this door is closed to us we will make other plans.



Thank you in advance for your input.

[Cramdown]

***update***

I received some not so good news today at work. I was handed a print out from my local papers website with ALL my information about CHASE foreclosing on my house. All this time I have still been waiting to hear from CHASE about my "workout plan". I guess this is thier way of contacting me.

I contacted a lawyer today and have an appointment to go over my options. He needs me to bring all my paperwork, bills, etc.

My question is, what do I need to be prepared for and do I need to take ALL my bills...every single on down to the garbage bill?

Thanks in advance===cd