2006-08-12 11:51:51 · 7 answers · asked by Deb 1 in Business & Finance ➔ Renting & Real Estate
Refi with a Ch 13 and a NOD (foreclosure notice) is going to be rough. Even the vast majority of subprime lenders don't want to touch that combination. Most won't touch ch 13 all by itself, let alone with NOD also. You do find one that will, the rates are going to be ugly and there's going to be a hard prepayment penalty.
Call your lender and see if they'll work with you to keep the foreclosure from actually happening. If not, quick sale or deed in lieu of foreclosure are options to consider. If may cost you a little more, but it won't hurt you for ten years like an foreclosure will.
2006-08-12 15:54:52 · answer #1 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
You're in chapter 13 and you have a motion for foreclosure. You must not be paying the mortgage then. In chapter 13 only the payment arrears are included in your payment to the trustee. You still need to keep up with the regular payments every month.
What you need to do is try to see if you can work something out with your lender.
2006-08-12 15:55:47 · answer #2 · answered by El_Nimo 3 · 0⤊ 0⤋
I'm not a lawyer but bankruptcy is supposed to protect you from creditors.
They should not be allowed to foreclose your house if you are in bankruptcy. It is illegal and they could face stiff fines.
Tell them you are in bankruptcy. They will probably stop the foreclosure.
You should talk to your attorney if you do not have one. The bank should not be able to get your property.
However, if you have finished Chapter 13 and are making
"Chapter 13" payments, than they can foreclose since you are out of bankruptcy. I do not know whether you are still in Chapter 13 or not.
2006-08-12 11:58:54 · answer #3 · answered by ? 5 · 1⤊ 0⤋
Let the house go. Obviously, the payments couldn't be made under the Chapter 13 plan. Find an apartment.
2006-08-12 12:12:30 · answer #4 · answered by Anonymous · 0⤊ 0⤋
To go into foreclosure, you must have stopped paying your mortgage. When you take a mortgage out, the bank basically owns your home until you pay it off. To save your home, you need to start paying your mortgage.
The bank takes a huge risk when lending huge amounts of money to people to buy homes- why should they let you keep it- It's a loan- you are suppose to pay it back.
2006-08-12 12:06:05 · answer #5 · answered by weswe 5 · 0⤊ 0⤋
Why not try refinancing, or selling. It might be too late to contact your bank to negotiate, but that might be worth a try too.
Good luck!
2006-08-12 11:54:48 · answer #6 · answered by tina m 6 · 0⤊ 0⤋
You are in bankruptcy, call your lawyer. Creditors are not supposed to contact you while under protection.
2006-08-12 13:30:52 · answer #7 · answered by JOEYSMOM2 4 · 0⤊ 0⤋