Posted on: 15th Jul, 2009 04:19 pm
hi,
i filed chapter 13 in nov. 2007. i didn't include first or second mortgage. life is harder now than before the bankruptcy. 6 months behind on 2nd mortgage and 1 on first. $2600 behind to chapter 13 trustee. no credit cards, no crazy spending, no safety net, have 3 more years on bankruptcy, but they're threating to release me back to court if i don't catch up. i can't. can't get a loan anywhere due to bad credit now. what can i do? shady, legit, or otherwise. i'm upside down on my house, vehicle, and pay scale. can someone with good credit buy my house with a short sell and rent it out to me, or i make the payments and they get the tax credit? do i stop trying on my trustee payments and hope the creditors don't come after me too hard?
i am out of answers. how about a loan forebearance on my first mortgage?
any help would be great, thanks.
leon
i filed chapter 13 in nov. 2007. i didn't include first or second mortgage. life is harder now than before the bankruptcy. 6 months behind on 2nd mortgage and 1 on first. $2600 behind to chapter 13 trustee. no credit cards, no crazy spending, no safety net, have 3 more years on bankruptcy, but they're threating to release me back to court if i don't catch up. i can't. can't get a loan anywhere due to bad credit now. what can i do? shady, legit, or otherwise. i'm upside down on my house, vehicle, and pay scale. can someone with good credit buy my house with a short sell and rent it out to me, or i make the payments and they get the tax credit? do i stop trying on my trustee payments and hope the creditors don't come after me too hard?
i am out of answers. how about a loan forebearance on my first mortgage?
any help would be great, thanks.
leon
hi leon!
welcome to forums!
it would have been better if you would have included both the mortgage in your chapter 13 bankruptcy filing. you could have got a repayment plan through which you could have paid off the debts.
in my opinion, you should apply for a deed in lieu with your 1st lender. if the lender accepts it, he would sell off the property to recover his debts. however, you would still be liable for your 2nd mortgage dues. you should negotiate with your second lender for a payment plan which will help you in clearing off the dues.
sussane
welcome to forums!
it would have been better if you would have included both the mortgage in your chapter 13 bankruptcy filing. you could have got a repayment plan through which you could have paid off the debts.
in my opinion, you should apply for a deed in lieu with your 1st lender. if the lender accepts it, he would sell off the property to recover his debts. however, you would still be liable for your 2nd mortgage dues. you should negotiate with your second lender for a payment plan which will help you in clearing off the dues.
sussane
Thanks. My second mortgage is 14.50%. Barely touched the principal and paid in $18000 on it over past 3 years. Do you think they would agree to a settlement on the current $34000 balance? I dont want to sell my house.
Leon
Leon