Can't I skip my mortgage note once during bk?

Anonymous · ‎02-18-2015

Current now on mortgage. Plan on staying/keeping my home. Filed ch7 last month. 341 meeting 3 wks out. Before I filed, I had been current for last 7 or so mths thanks to mortgage granted me a perm. loan modification. Then mths later, I had to file bk for other reasons. I have stayed current on mortgage. Paid last month and plan to pay this month's note Friday. But I am flat broke! I still need to finish paying lawyer off, as well as every bill I have comes due the last week of the mth it seems. Is it ok if I skip this month all together? Had anyone done this before after staying current? How will it effect me. I ask b/c when I called mortgage the other day to arrange my Feb note to be pd this Friday, they advised me that they have forwarded paperwork to the mortgage company's own lawyer that proposing they grant me a newer modification at a cheaper note/per mth. Which is fANTASTiC, as long as their lawyer approves of it. Will this mess all that up if I call and postpone payment?

DaveInAZ · ‎02-18-2015

I sure wouldn't risk messing up that loan modification by skipping/being late. Since your lawyer already filed BK for you I'd say he's a better candidate for postponing a payment, but explain to him why & maybe offer him a "tip" at the end. And/or try other things - short term loan from family or friends; can any of those payments due at the end of the month be skipped/only partially paid?

Anonymous · ‎02-18-2015

I guess I better just rough it out. Things are just beyond tight right now.

I feel like an elephant is sitting on my chest, wondering how this whole bk ordeal is going to pan out. I wish I did have family to help me. My parents are both deceased and I'm an only child. What relatives i have left, or either not in any kind of shape to help, or they are thousands if mile aways and distant emotionally. I don't have the balls to ask friends. I haven't even told any of them about this whole bk thing. I'll just suck it up and pinch pennies. Hopefully in a few months, I'll be glad I did and everything will work out.

StartingOver10 · ‎02-19-2015

Do not skip a payment during the Bk. Remember the filing date was the drop dead date for your debt. Think of it as a balance sheet, where you were at the time of filing is the debt that is being discharged. Anything after your filing date - late pays and new debt isn't included. Yes, there is an automatic stay, but missing a mortgage payment on a property you want to keep (but not reaffirm) has other consequences for you.

Anonymous · ‎02-19-2015

Thanks for the advice. I'm just going to wing it. I was able to make a partial payment on cell phone and can do rest of that bill at a later date. That will help a tad. I am actually planning on reaffirming the mortgage. That's my plan for now anyway. Now if it isn't granted, that's ok too.

DaveInAZ · ‎02-19-2015

@Anonymous wrote:
Thanks for the advice. I'm just going to wing it. I was able to make a partial payment on cell phone and can do rest of that bill at a later date. That will help a tad. I am actually planning on reaffirming the mortgage. That's my plan for now anyway. Now if it isn't granted, that's ok too.

If you do reaffirm (and most will advise against it), make sure you get in writing that they will report your post BK payments to the credit bureaus, it will help with your credit rebuild, and some lenders don't report even if a debt is reaffirmed.

And hang in there and stay strong. I remember too well the dark days during my BK, feeling gloomy about the future. Things get better, much better.

0REDSOX7 · ‎02-19-2015

If your lender wont report post BK payments to the credit bureau, there would be no point to reaffirming, IMO.

BK Discharge 2/11/14

Currently in the garden.

Anonymous · ‎02-19-2015

Thanks, Dave. I will be calling the law firm for my mortgage company tomorrow to see if they can make sure that's worded before they send the paperwork to my attorney.

Anonymous · ‎03-07-2015

Little update: Firm representing my mortgage comp is working on reaff. I did ask if they will report to credit bureaus if approved and they state yes, as well as noted in paperwork. As of this past Thurs., it still wasnt mailed to attorney. 341 is Tuesday. Is it ok for attorney not to have in time for 341. What is timeframe to reaffirm?

despritfreya · ‎03-07-2015

@Anonymous wrote:
Little update: Firm representing my mortgage comp is working on reaff. I did ask if they will report to credit bureaus if approved and they state yes, as well as noted in paperwork.

Why are you reaffirming? What state are you in? You do realize that if your reaffirmation goes through and you live in a state that allows deficiency claims, if you default the lender can foreclose and go after you for $$$. Do you also realize that while the lender can report a good payment history post reaffirmation, it can also report a bad one? Think long and hard before you elect to reaffirm.

Des.