Foreclosure ProcessLearn the the foreclosure process and various ways that you can stop foreclosure and save your home.
This is a discussion on Loan modification DENIED! What to do now? within the Foreclosure Process forums, part of the Foreclosure Forum category; I need help! I am about 8 months behind on my mortgage (last paid Feb '09). There was a notice ...
I need help! I am about 8 months behind on my mortgage (last paid Feb '09). There was a notice of default filed in June '09 and a substitute trustee filed in July '09 (I have no idea what this means).
I applied for was accepted into the HAMP 3 month trial period with the first trial payment was paid on Aug 1st, '09. I filed Chapter 7 bankruptcy in September. The Sept and Oct trial payments were sent back to me.
Chase filed a motion to lift the stay on foreclosure. I had my BK attorney file and answer and the court date is today.
I then had to redo the HAMP program last week. I was just informed yesterday that my modification was DENIED due to insufficient income. I showed that I made $5800/month and my mortgage is $2800/mo.
I just applied to NACA and will be going to a workshop next week.
So here are my questions:
1) How long do I have before there is a notice of sale? (I live in CA and my house is upside down by about $200,000)
2) I think that I can (my some miracle) come up with the $25,000 owed in back mortgage payments, but I need about 60 days to do so.
3) Is there ANYTHING else I can do to stall the foreclosure process?
I am praying that the judge does not lift the stay today. What is the likelihood of that?
You may be able to get the property back by paying in full even after the foreclosure sale, during the redemption period. Talk to a lawyer, but look at the right of redemption rules listed here:
You may be able to get the property back by paying in full even after the foreclosure sale, during the redemption period. Talk to a lawyer, but look at the right of redemption rules listed here:
Unfortunately there is no redemption period in CA after Trustee sale. Sounds like this is going to be a Trustee sale.
I believe in CA the timeline is NTS (Notice of Trustee Sale) is filed about 3 months after NOD (Notice of Default). It just takes longer nowdays for lender to foreclose.
There was a motion to lift the stay on the foreclosure today. My attorney filed an answer for me and Chase agreed to stop the foreclosure proceedings at least until my Chapter 7 discharge (sometime late November) as long as I make the payments that were due after I filed BK 7. So I have to come up with September, October and November payments by November 19th. This is doable and gives me some breathing room!
My attorney then recommended that I file Chapter 13. Not sure about this as 1) I did not realize that I could file Chapter 7 and 13 within months of each other 2) I would like to research the ramifications of Chapter 13.
I told my attorney that I would like to see if I can first negotiate/modify using the help of NACA. My attorney then said that I must decide whether or not to file Chapter 13 within 10 days of my Chapter 7 discharge (which would be around early December).
Chapter 13 allows you to roll the back payments into your plan but you have to keep making future payments. A mod of course is much better if you can get it. Chap 13 may also strip any unsecured 2nd if underwater.
Chap 7 does nothing if you want to keep the house other than buy some time during the proceeding. You still have to pay back payments unless modified.
Ok, here is the kicker. After denying my loan modification on October 14th (the day before the motion to lift the stay), Chase sent me a loan modification package 4 days later.
I just got home and I see that there is ANOTHER loan modification package. What kind of game are they playing?
It doesn't look like I have the ability to PM. I placed my email address in my profile. I will leave it there for 15 minutes and then remove it. Please feel free to email me.
Signed up with NACA and submitted all paperwork on 11/7. Called NACA on 11/9 and was on hold for 8 HOURS when someone finally answered, they hung up on me! I was so despondent!
I decided to call Chase and see if they knew that I was previously denied a modification. The didn't. They said that my paperwork that I sent in July was expired and that I needed to send updated financials so that the underwriter can complete my final modification. Faxed all of the requested documents to Chase on 11/9.
Called Chase today and they said that they did receive the paperwork and they are working on it.
Here is the dilemma:
My BK attorney is meeting with the trustee and I am supposed to have +/- $9000 (the amount of the mortgage since the BK in September) by November 19th. If I come up with this $$$, I will be allowed to file Chapter 13 for the arrears which is +/- $20,000. I have 10 days after the Chapter 7 discharge (November 23rd) to file Chapter 13. If I fail to do either, they can foreclose.
Should I just not pay the $9000 and hope that either Chase or NACA will come through? I will attend the Save the Dream in North Carolina if I must.
If I pay the $9000, it will only postpone foreclosure for 4 days!!!
If I pay the $9000 and file Chapter 13, I will have to pay the trustee 11% of the $20,000 + $20,000 + $4000 in attorney fees . What makes them think that I can pay the original amount + back payments if I can't make the regular payments now hence the request for a modification??!
I have not made a regular payment since January. My house is underwater by about $120,000.
You owe the $9000 since after the bkk filing or they can foreclose.
The $20k - whew - if mod gets approved it will be rolled up. But if file Chap 13 is paid over time. But I think you can modify Chap 13 like 7 up to the either final hearing or discharge date. Be sure to talk to attorney but if mod makes it you may be able to delete the back payments from the Chap 13 plan.
This assumes Chase will not go ahead with foreclose on prior 20k since you aren't yet on a HAMP Trial but sounds like willing to put you back on... so in theroy won't sell. But they still might start foreclosure actions at least some banks are just holding off sale dates.
I assume Chase knows of the Chap 7 and your attorney wrote them allowing them to discuss mods with you- that could have been a prior problem. Once the stay is in effect basically Chase can not talk to you since they are trying to collect a debt unless you waive that as I understand from others posts here.
Connect with Facebook
Not sure about this as 1) I did not realize that I could file Chapter 7 and 13 within months of each other 2) I would like to research the ramifications of Chapter 13.
Linear Mode
