Posted on: 29th Apr, 2010 10:28 pm
ok guys and gals, i have an interesting conundrum and need sage advice.
some history:
it's 1yr after chapter 7 bankruptcy discharge (medical). i have not been jobless for nearly 3 or more years. i was able to finance a car 5 months ago (payments are on-time or early). me and my wife returned to school to complete or enhance our degrees via grants and school loans (deferred as we are students but loans, nonetheless).
the fun part:
my wife and her former husband bought the home we live in now. he died 4 years into the loan, then the next year my wife and i married and have been together 16 years. the home loan is in her and her former husbands name. i was added to the deed but not the loan when we got married. the home is financed through bank of america (boa). they would not let us make house payments or refinance during the bankruptcy (they even returned payments we sent in). recently, they want to file a forecloser for non-payment, again we tried to pay and they said since we are "still" in bankruptcy they will not take a payment. the loan was then transferred to a subsidiary of boa. we had our attorney send them the discharge notice that we have been out of bankruptcy for a year, and to let us pay for the home. after that they still claim that we can't make any payments until we're out of bankruptcy... but, that we're very behind in payments. they want to foreclose to preform a loan modification... we have been in the home for 16 years. i can afford the payments easily and i want to pay. i think the foreclosure to preform a loan modify sound fishy. it's like they are saying... you owe but we're not letting you pay and if you don't pay...get out. sounds like one department isn't talking to the other.
it's a very odd situation. we are "not" upside down, the house's value is 3.5 to 4 times what we owe even in this economy. we have paid for many, many years. we'd hate to lose the equity. note: it's a fixed apr loan with boa.
we'd like them to add to the end of the note and let us pay going forward for a little longer...
or
we'd like to do a loan modification of nearly any kind...
or
since my income is good, i have a 619 credit score, i have 11% debt to income ratio and i am not on the boa note nor have i personally ever bought a home... could i buy my home through anyone else as a new home buyer?
or
other options?
- neil
some history:
it's 1yr after chapter 7 bankruptcy discharge (medical). i have not been jobless for nearly 3 or more years. i was able to finance a car 5 months ago (payments are on-time or early). me and my wife returned to school to complete or enhance our degrees via grants and school loans (deferred as we are students but loans, nonetheless).
the fun part:
my wife and her former husband bought the home we live in now. he died 4 years into the loan, then the next year my wife and i married and have been together 16 years. the home loan is in her and her former husbands name. i was added to the deed but not the loan when we got married. the home is financed through bank of america (boa). they would not let us make house payments or refinance during the bankruptcy (they even returned payments we sent in). recently, they want to file a forecloser for non-payment, again we tried to pay and they said since we are "still" in bankruptcy they will not take a payment. the loan was then transferred to a subsidiary of boa. we had our attorney send them the discharge notice that we have been out of bankruptcy for a year, and to let us pay for the home. after that they still claim that we can't make any payments until we're out of bankruptcy... but, that we're very behind in payments. they want to foreclose to preform a loan modification... we have been in the home for 16 years. i can afford the payments easily and i want to pay. i think the foreclosure to preform a loan modify sound fishy. it's like they are saying... you owe but we're not letting you pay and if you don't pay...get out. sounds like one department isn't talking to the other.
it's a very odd situation. we are "not" upside down, the house's value is 3.5 to 4 times what we owe even in this economy. we have paid for many, many years. we'd hate to lose the equity. note: it's a fixed apr loan with boa.
we'd like them to add to the end of the note and let us pay going forward for a little longer...
or
we'd like to do a loan modification of nearly any kind...
or
since my income is good, i have a 619 credit score, i have 11% debt to income ratio and i am not on the boa note nor have i personally ever bought a home... could i buy my home through anyone else as a new home buyer?
or
other options?
- neil
Hi ulrich,
If your are not delinquent on your mortgage payments and if your property has equity, then I don't think the lender would be ready to give you a loan modification.
As far as buying the property is concerned, your name is already mentioned on the property deed. Thus, I don't think it would be possible for you to buy the property. I would suggest you to negotiate with your lender so that he lets you make the mortgage payments on time.
Thanks
If your are not delinquent on your mortgage payments and if your property has equity, then I don't think the lender would be ready to give you a loan modification.
As far as buying the property is concerned, your name is already mentioned on the property deed. Thus, I don't think it would be possible for you to buy the property. I would suggest you to negotiate with your lender so that he lets you make the mortgage payments on time.
Thanks
They haven't let me make payments in more than a year... close to 2. I still live here and can pay, they return the payments. 1 dept says I'm in bankruptcy and can't process my payments and the other department says they are working on a possible foreclosure because of the lack of payments.
Welcome ulrich,
As you are in bankruptcy, the lender will not be able to take any actions against you. They can't foreclose the property until you get discharged of your bankruptcy filing.
As you are in bankruptcy, the lender will not be able to take any actions against you. They can't foreclose the property until you get discharged of your bankruptcy filing.
This was discharged in april 09... they still claim its in bankruptcy and won't let me modify, make payments, etc. They did get to lift a stay on the matter and explained to me that they had to lift the stay to forclose as to then modify our loan. That's the part that concerns me.
Hi ulrich,
You must have documents which state that your bankruptcy has been discharged. You need to show that to your lender and request them to modify your mortgage.
Take care.
You must have documents which state that your bankruptcy has been discharged. You need to show that to your lender and request them to modify your mortgage.
Take care.