Chapter 13 and Foreclosure

[boyzmom]

What is the name of your state? Utah

Have a house with a first and second mortgage in another state. Foreclosure proceedings have been initiated by the primary mortgagor. Have not been able to secure an offer on the house that the mortgagors will accept. Question is: should I file Chapter 13 before the foreclosure occurs? Or should I hold off until the house is actually taken (it's not my residence).

Does the answer make a difference if we're talking about the second mortgage?

[bigun]

Any reaon you can't file a Chapter 7?

[boyzmom]

Unfortunately I make too much to file Chapter 7 (apparently). Situation arose because I relocated for a new job and couldn't sell the old house - among other things.

[bigun]

I don't know if it makes any dofference when you file.
Were I you, I'd get another couple of opinions. Income is just part of the hurdle. The other is your disposable income. We've seen many who were above the median and got a Chapter 7 discharge because they had high enough expenses that they had no dispsoable income to fund a Chapter 13.

[boyzmom]

Thanks - good advice Thought I'd try the forum - have oddly had a hard time getting attorneys to return phone calls and needed an answer sooner rather than later. I'll keep at it though.