New Walker in NJ

[UNDECIDEDONE]

I have a Wells Fargo mortgage in NJ which is underwater by about 60k . Im currently in Chap 13 . My question is ...

If im ready to lose the house , but Id like to stay as long as possible would it be wise to convert to a chap 7 without re affirming the the house?

I havent stopped paying yet , but Im almost ready. Just looking for as much information as possible.

[Evan Bedard]

I have a Wells Fargo mortgage in NJ which is underwater by about 60k . Im currently in Chap 13 . My question is ...

If im ready to lose the house , but Id like to stay as long as possible would it be wise to convert to a chap 7 without re affirming the the house?

I havent stopped paying yet , but Im almost ready. Just looking for as much information as possible.

Welcome and thanks for joining the community.

As long as you are not reaffirming your mortgages and you are walking away you will not have to worry about having a judgement filed against you since you are no longer responsible for the debt.. Personally I do not believe changing to a chapter 7 will help prolong foreclosure proceedings as foreclosure in states like NY and NJ seem to be taking a very long time to process, we have members here going on 1-2 years without making a single payment and a foreclosure date has yet to be set..

[UNDECIDEDONE]

Welcome and thanks for joining the community.

As long as you are not reaffirming your mortgages and you are walking away you will not have to worry about having a judgement filed against you since you are no longer responsible for the debt.. Personally I do not believe changing to a chapter 7 will help prolong foreclosure proceedings as foreclosure in states like NY and NJ seem to be taking a very long time to process, we have members here going on 1-2 years without making a single payment and a foreclosure date has yet to be set..

So after they request a motion to vacate the stay , am I waiting for Notice of Intent or the official default notice NOD? Also does the chap 7 have to be finalized before they can procedd with foreclosure?

[Evan Bedard]

So after they request a motion to vacate the stay , am I waiting for Notice of Intent or the official default notice NOD? Also does the chap 7 have to be finalized before they can procedd with foreclosure?

Yes they can continue with the foreclosure once the automatic stay has been lifted.. The next notice may be an NOD but you will still more than likely have many months (even up to a year+) following the NOD before a foreclosure date is set..

[UNDECIDEDONE]

Yes they can continue with the foreclosure once the automatic stay has been lifted.. The next notice may be an BOD but you will still more than likely have many months (even up to a year+) following the NOD before a foreclosure date is set..

I am going to convert my chap 13 to a chap 7 , but from what I gather is that it really doesnt make a difference as far as they are concerned with regards to foreclosure?

Would you suggest filing a Hamp application at this point, preemptively to keep the wheel turning?

[learn't]

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The HAMPSTER Wheel Game