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Currently Chp 13 can I file for Chp 7

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J

jonestown33

Guest
What is the name of your state? Georgia


I recently filed for chapter 13 to save my house out of foreclosure in March 2002. Unfortunately I cannot maintain the payment with me current job and it is a slow process trying to lease my house. Can I change my Chapter 13 to a Chapter 7?
Will I ultimately lose my house?
Can I refinance at this point to get my house out of Chapter 13?
If I fall behind on my mortgage payment, will the bank take my house immediately?

Am I screwed?
 


D

dorenephilpot

Guest
Yes, you can convert from a chapter 13 to a chapter 7, if the reasons that you filed the chapter 13, rather than a 7, no longer exist.

As long as you stay current on your mortgage payments, insurance and taxes, you will be able to keep your home.

If you fall behind, no one will immediately seize your house.

However, in order to reaffirm the debt, you must be current at the time that you do the reaffirmation.

Hope this helps answer your questions.
 
S

SevenTrumpets02

Guest
jonestown, discuss it with our attorney, if i am not mistaken it depends on assets, i may be wrong, the procedure would be to convert from a chapter 13 to a chapter 7, in which case you would keep the same case# and it's done rather quickly.

doreen....as to being able to reaffirm your mortgage loan only when the acct is current. i think this is up to the individual mortgage company. where i work, if a customer reaffirms his mortgage with us and is past due, we take the reaffirmation and restructure the account, bringing it current, in most cases we also are able to lower the payments and interest rates on the mortgage depending on the financial situation of the customer after they have eliminated all unsecured debt. i am not speaking for all mortgage companies, banks, finance companies, i think it's an individual thing, all i can say is, we let the customer reaffirm delinquent or not, most of the time i will also give the customer a breather *but that's me personally* and will make the first payment due about one month out...for instance if the payment due date is the 29th of the month and i have a reaffirmation drawn up on the 10th sept, i will make the first payment due dte to be the 29th october. the customer's attorney should always check with the mortgage company to see what can be done for his client, maybe he can work out something that is in the best interest of his client.
 

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