I filed a chapter 13 bankruptcy to stop the sherrif sale of my home and was wondering if anyone knows what will happen if i am still unable to make a mortgage payment.
2007-03-08 13:31:47 · 8 answers · asked by rebelndave 1 in Business & Finance ➔ Renting & Real Estate
You need to be talking to your bankruptcy attorney on what options are available to you.
However, if you can't make payments, why are you in Chapter 13? What was the reason you weren't allow to file Chapter 7?
2007-03-08 13:40:48 · answer #1 · answered by Faye H 6 · 0⤊ 0⤋
Well what type of loan do you currently have? Maybe this is the reason you're defaulting on your mortgage payments. Since the interest rates are at an all time low, would it help to refinance and lock in a lower interest rate? I can offer many temporary solutions such as an options ARM but you really need a permanent solution. Feel free to visit my website and view the different loan programs out there.
If you can not afford the payments period, then you really need to put the house on the market and fast! Depending on your currently situation, I hope there's no negative equity in the property. Best of luck to you!
2007-03-08 16:30:35 · answer #2 · answered by Anonymous · 0⤊ 0⤋
(1) Your Chapter 13 case will be dismissed for failure to make payments.
(2) The automatic stay goes away and the mortgage lender;s trustee will foreclose.
(3) Call your real estate agent and list the house PRONTO. List the house for enough to pay the mortgage and allow you to walk away with a few dollars in your pocket.
2007-03-08 15:32:49 · answer #3 · answered by Anonymous · 0⤊ 0⤋
you still owe your mortgage lender the money. the Chapter 13 only delays the inevitable sherrif's sale. talk to your lender, they'd rather have you sell the place & pay them off rather than them take possession of it & have to sell it from OREO. (other real estate owned)
2007-03-08 13:39:58 · answer #4 · answered by Anonymous · 0⤊ 0⤋
make the payments or lose the house.
Sorry to sound so blunt, but that is basically how it works. You signed a mortgage to pay the bank back, and if you do not you lose it.
Good luck
2007-03-08 13:52:23 · answer #5 · answered by frankie b 5 · 0⤊ 0⤋
No pay, no stay.
You should look into selling the home yourself, maybe you can make some kind of profit to pay off your other debt.
2007-03-08 13:57:37 · answer #6 · answered by ANSWERMAN 1 · 0⤊ 0⤋
Sometimes, if you ask them they might let you have a two week extention to pay your bill, but there might be a late fee associated with doing so.
2007-03-08 13:36:03 · answer #7 · answered by randomfacts22 2 · 0⤊ 0⤋
What state do you live in?
2007-03-08 13:37:02 · answer #8 · answered by Anonymous · 0⤊ 0⤋