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Help will be foreclosed on


Monica1170
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The DH was responsible for paying our mortgage and he wasn’t paying it. The house is in my name and I became 4 months past due. I then received a letter for an Attorney stating that we were going to be foreclosed on July 13th. I called and talk to the loss medagation department and was sent out forms to fill out for some type of help. The bank never contacted me back therefore I had no other option then to file BK13. I’m very nervous because I heard that BK13 only shows down the foreclosure. Is this true.

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Not so fast with BK13...the loss and mediation dept may help in modifying the loan..you NEED to be on the PHONE everyday until you get some answers. Most banks would rather see u get caught up then foreclose on the property.

They maybe able to roll back the past due and let you start fresh. They can also reduce the interest rate and lower the payment. All of this of course is naught if you dont proactively deal with this.

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Ummm.... If the note was in your name, why was it your husband's job to make sure it was paid?

Secondly, why are you sitting on your butt pending foreclosure hoping that the bank gets back to you eventually?

Do you have the money to get back up to date?[/quote

I found out about the foreclosure when I got the letter from the attorney in the mail. That only left me with 3 weeks. He is a stay at home dad. I just found out that he had a gaming problem. We didn't have the money to get caught up. 5 days before the foreclosure date I went ahead with the BK. I'm now in BK and haven't made my 1st when I here from a friend that "BK only slows down the Foreclosure" Is this true.

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Did you include your house in the Chapter 13? :confused: A Chapter 13 would enable you to keep your house while making payments under the bankruptcy to get caught up. You are expected to make your monthly payments with an additional portion going to your mortgage company from the Chapter 13 plan. There may even be an occasion when you start to get behind again for some unforseen circumstance. In that case, you contact your bankruptcy attorney to get permission to have this amount added to your Chapter 13 which extends it a little longer. You really should talk to your bankruptcy attorney asking him all the possible case scenarios. :)++

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Ummm.... If the note was in your name, why was it your husband's job to make sure it was paid?

Secondly, why are you sitting on your butt pending foreclosure hoping that the bank gets back to you eventually?

Do you have the money to get back up to date?

I agree completely. When the note was signed...you promised to pay, not your DH.

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Well since you've already filed for BK, you attny is your best route in getting these questions answered.

As for DH...hmmmm...

He is a stay at home dad. I just found out that he had a gaming problem. We didn't have the money to get caught up.

Sounds like you have alot more issues to get cleaned up besides your credit.

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Monica,

I'm sorry for the position you now find yourself in. Hopefully the BK will help you folks get back to where you want to be. It doesn't "slow down" the foreclosure unless you are continuosly late w/ your payments to your trustee or some such thing...so I'm not sure where you friend is getting their info. And I do agree, if you have questions make sure you contact your attorney and ask what you want to know. Education is truly like GOLD.

I just wanted to add that I can understand PERFECTLY why your dh was paying the bills. Sometimes it is easier if you have one person taking care of it. That isn't to say the other shouldn't be paying attention though. If he was at home and/or was the one that offered than that's just what some married couples do and if you reside in a community property state, the house is ALSO his responsibility regardless of where his name is or is not. But sure, anything that bares your name is worth paying CLOSE attention to.

Now, having said that--I do hope that you'll be able to re-examine things, especially knowing now that he has a gaming issue? I wish you a lot of luck with it and offer you hugs and prayers that you two are able to get back to where you want to be. Believe me, what I'm going through right now isn't a whole lot different...but managing the funds and paying the bills is both people's responsibilities, not just yours or his.

There are a lot of wonderful resources for learning all about budgeting, saving and credit. What works for one, may not work for another-just research a lot and find what works for you two.

Good luck and welcome!!! The search engine here is especially wonderful, just enter a topic/company and VROOM..lol. :) Welcome again.

Elyse

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Ch 13 can STOP a foreclosure and it is one of the top reasons why people file Ch 13 ! The amount that you are past due can be rolled into the Ch 13 plan as arleady stated. As long as they are getting paid monthly and the arrearage is scheduled to be paid thru the plan, then you're covered. They may TRY to get a relief from stay to foreclose, but you can object and likely stop that - as long as you can stay current.

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