Fell behind on payments DURING Chapter 7

[Anonymous]

Hello All... I hate that I'm here... but here I am, and looking for advice.  We filed Ch 7 in May, and not long after that we lost about $1,300 in income, added $100 onto our monthly mortgage payment (escrow stuff), and $100/month in additional insurance payments.  We are currently behind on our mortgage as well as our 2 car payments, which we plan to keep all.  this drop in income is temporary and will pick up again in August/September... but right now we are 2 months behind on Mortgage and car payments.  I do have a plan where I hope to get caught up by the end of July, but that will just put me behind again in August.... so I'm really worried!!!  

#1.  Will they start forclosure/repossession proceedings during BK?  I read that mortgage companies can do that.

#2.  Do I have any options myself in calling my lenders and trying to work something out?  Maybe a deferrment?  I'm more concerned with our mortgage as that is the higher amount.  Even if we can get 1 payment deferred, that will help substantially.

#3.  We have not reaffirmed our mortgage yet, but we do want to.  Mainly becuase we plan on staying in the house, and we want to use that to help build our credit.  YES, I know we need to be current and I know that WILL happen...

#4.  How much is "late"?  In the past, we would always make sure our mortgage was paid by the 15th of every month, as to not incur a late fee.  Does that rule still apply?

Any advice would be greatly appreciated!  

[Anonymous]

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@Anonymous wrote:

Hello All... I hate that I'm here... but here I am, and looking for advice.  We filed Ch 7 in May, and not long after that we lost about $1,300 in income, added $100 onto our monthly mortgage payment (escrow stuff), and $100/month in additional insurance payments.  We are currently behind on our mortgage as well as our 2 car payments, which we plan to keep all.  this drop in income is temporary and will pick up again in August/September... but right now we are 2 months behind on Mortgage and car payments.  I do have a plan where I hope to get caught up by the end of July, but that will just put me behind again in August.... so I'm really worried!!!  

#1.  Will they start forclosure/repossession proceedings during BK?  I read that mortgage companies can do that.

#2.  Do I have any options myself in calling my lenders and trying to work something out?  Maybe a deferrment?  I'm more concerned with our mortgage as that is the higher amount.  Even if we can get 1 payment deferred, that will help substantially.

#3.  We have not reaffirmed our mortgage yet, but we do want to.  Mainly becuase we plan on staying in the house, and we want to use that to help build our credit.  YES, I know we need to be current and I know that WILL happen...

#4.  How much is "late"?  In the past, we would always make sure our mortgage was paid by the 15th of every month, as to not incur a late fee.  Does that rule still apply?

Any advice would be greatly appreciated!  

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I am confused.  You stated above you were 2 months behind on your mortgage, so if you havent  paid a mortgage pymt for 2 months what is the question?  If in the past it was 15 days, unless you signed for a different mortgage, its probably still 15 days.... Are you asking HOW MUCH money is the late?  Only your mortgage company can answer that but its generally a percentage of your payment.  It should also be on your mortgage pymt invoice or email if you get electronic. 

[medicgrrl]

You need to contact your attorney ASAP and let him know what's going on.

[azguy13]

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@medicgrrl wrote:
You need to contact your attorney ASAP and let him know what's going on.

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+1

These are questions you should be asking your attorney in which they will give you further guidance.  

[Anonymous]

Definitely talk to your attorney.

I was also take another hard look at your finances and decide if reaffirming the home and cars is truly right for you.

Your BK is a chance for a fresh start. You don't want to jeopardize it with obligations that may not actually fit in your budget.