Can someone please explain to me in layman's terms why my attorney won't file my BK7 until I am current on my mortgage payment? ...I forgot to ask her last month when we last spoke. I am 31 days late (paid only $300 of $1500 payment for August and nothing for September yet). Applied with Ocwen for two loan mods (first one - Hamp - denied due to 31% threshold and second in-house mod approved but at $400 more per month!) I refused the second mod but my online statement shows I approved it....My plan is to keep the house as the rent for comparable listings is about $1300/month without tax benefits. Plus I'd need to come up with at least $4500 to get in (first/last/deposit/animals). I still owe my attorney $1300 but I can't pay her because I'm trying to come up with mortgage arrears. So explain to me again, why I need to be current on my mortgage before I file? It's not correlating...
-
-
If I remember correctly they won't allow you to retain the house if you file & it's not current on payments.
Discharged Ch 7 9/10/08
Livin' the GOOD life
-
If you file when behind, the mortgage co can get the stay lifted. Atty is working in your best interest.Get mortgage modified: DONE! 7 months of back interest payments amortized, payment reduced over $200/mo
(In the 'planning' stage, to file ch. 13 if/when we have to.)Comment
-
If you file for a Chapter 13 any overdue payments (arrears) are built in to the plan payments. A Chapter 7 doesn't offer the lender a payment plan, therefore, they can file for a relief from stay if you are not current with your payments and you can't protect your home from foreclosure.Originally posted by jacksjean View PostFiled Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.Comment
-
I filed when I was behind. Oh well. Surrendering the house anyway.Filed August 20
341 on September 23 Report of No Distribution - September 24 Case Discharged and Closed on November 23!!!Comment
Comment