What is Mortgages and Foreclosures
This community is for concerns, problems, and challenges relating to mortgages and foreclosures. The significant downturn in the housing market, including the widespread drop in ho...
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Bankrupcy and mortgages
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Hello all - Mine is a VERY long story... but the bottom line is that my mortgage is now severely in default. I've had my house on the market for several months now, with a few offers.... but the reality is that my pay off amount is now way more than I could possibly get from a sale in this market. Even if I'm successful in getting my bank to agree to a short sale, I would be left with absolutely NOTHING to start afresh. I've put everything I have into this house and now risk losing it all. I'd like to know if anyone can advise as to whether mortgages are eligible for discharge when filing chapter 7 and, if so, what the procedure may be. Thanking you for any feedback.
Posted on 07/01/09, 02:07 pm |
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We've lost ours...80/20 loan b.s.!! I can't advise you on the law question and you really need to go ahead and call and ask a lawyer now before it's too late.
Have you tried a repayment plan or refinancing yet with your current mortgage co? Have they begun foreclosure proceedings yet? If so, you are running out of time...get to a lawyer and/or work with the mortgage company on the refinance or repayment plan ASAP!!!! Good luck and know that many, many, many are in your situation or worse, have already gone through it and have lost it all too! You are not alone but try to do what you can AS SOON AS POSSIBLE!!! Jennifer 
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Thank you so much, Jennifer. Yes, we are being considered for a loan modification, but, with my husband's loss of income, even if we were approved, we wouldn't be able to meet our monthly payments. We are living on my salary, which covers our basic living expenses... but it is certainly not enough to contribute in any significant way to housing. I'm so afraid of what the future holds. We have a 9 year old daughter who is looking to us for stability and I can't help but feel like we've failed her royally! I will continue fighting. Thank you for your words of encouragement!
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Hopefully your lender is not Chase Home Finance?
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What's wrong with Chase? I have them and so far they've been ok, are they not ok when having issues?
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