help me save my house

[ace2011]

I have also posted this question on the bk board as well.
I am faced with a foreclosure of my home on 6/21.
I will be fileing a bk 13 on about 6/01 (doing it myself).
My question is when do I have to start making house payments? Do I wait for the bk court to tell me?

 

[HomeGuru]

Start? You should already be making payments.
If you can't make mortgage monthly payments now how can you make them after you file BK 13? Because your payments will be more.
Did you ever figure out how much in arrears you are?
Take the total amount and divide by 3-5 years. Then figure out your monthly payment. This amount will need to be paid IN ADDITION to your monthly mortgage payment. That is provided your lender agrees to reaffirm the loan. If the lender does not agree they can file opposition to the BK, request that the property be removed from BK protection, or force you to modify the petition and have you file Chapter 7 instead. If the lender is able to work with you, it may be possible to modify the loan with respect to more relaxed terms and interest rate.

If you are filing BK pro se, I do not recommend it on a 13 especially when real estate is involved. The filing of BK will force an automatic stay on the foreclosure action, but the lender will be pissed if you use BK as a stall tactic to avoid paying the mortgage. The BK Trustee may allow the judicial foreclosure to go through or in the alternative sell the property at a BK auction. If you are not experienced in dealing with these complex issues, you really need the help of an attorney.

[Edited by HomeGuru on 05-09-2001 at 12:07 AM]

 

[ace2011]

Home Guru..........

#1........lawyers are too expensive. Sure I'm filing a chapter 13 to stall & buy time for the reason to build up cash. I understand that I will have to make up the back payments 100% in 3 - 5 years. This is how I figure...house payment $1200/mo...chapter 13 payments $200/mo...total $1400/mo....wife pays everything else, car payments, utilities, etc. She is not a part of the chapter 13...the only thing in my name is the house. What I have to show the court is something in the range of $2500 - $3000 net income.
My question is once I file, what is the lag time between the file date and when payments are to resume?
thx

 

[HomeGuru]

Answer: whatever time the Trustee gives you.

 

[ace2011]

Home Guru..............

that could be a couple of months....you don't meet with a trustee for about a month after you file...right?

 

[HomeGuru]

That is correct.

 

[ace2011]

thanks

THANK YOU!

 

[HomeGuru]

Ok.