Posted on: 22nd Nov, 2009 12:38 am
My uncle is going for Chapter 13 becuase Nation Point will not work with him. House has been put for Foreclosure in California.
Do you think chapter 13 could help him save the house?
second, I am also on the loan but I do not live any longer in California. I moved out side of California after I lost my Job in 2008.
How it will impact me if my uncle would go for chapter 13? My uncle could not kept the payment going after it had been refinced .
I am confused as what action should I be taking so Nation Point will not come after me.
Any advice!!!
Mike
Do you think chapter 13 could help him save the house?
second, I am also on the loan but I do not live any longer in California. I moved out side of California after I lost my Job in 2008.
How it will impact me if my uncle would go for chapter 13? My uncle could not kept the payment going after it had been refinced .
I am confused as what action should I be taking so Nation Point will not come after me.
Any advice!!!
Mike
>>do you think chapter 13 could help him save the house?
yes
>>how it will impact me if my uncle would go for chapter 13?
if you're on the note, your credit is messed up because of the mortgage lates and foreclosure. you should ask your uncle's attorney about how you'll be affected, since you're both on the note, but only one of you is filing bankruptcy.
yes
>>how it will impact me if my uncle would go for chapter 13?
if you're on the note, your credit is messed up because of the mortgage lates and foreclosure. you should ask your uncle's attorney about how you'll be affected, since you're both on the note, but only one of you is filing bankruptcy.
Thanks so much for the feedback, Yes I am also on the Note and mortgage lates and foreclosure have messed up my credit very bad. I will check with my Uncle's Attorney.
how long the late payments and foreclosure will stay on my record? I need to plan to get my own house since I am married now but I am not sure how long the late payment and foreclosure will stay on my report. Any idea!
Mike
how long the late payments and foreclosure will stay on my record? I need to plan to get my own house since I am married now but I am not sure how long the late payment and foreclosure will stay on my report. Any idea!
Mike
Welcome windowsprof,
A Chapter 13 will definitely help your uncle to save the property. It will help him in reorganizing his debts. The lender will give him a repayment plan according to which your uncle needs to pay off his debts within 3-5 years. As your uncle would be getting a repayment plan from the lender, I don't think it would affect you in a negative way. However, to be on the safer side, I would would suggest you to consult a bankruptcy attorney in this regard.
A Chapter 13 will definitely help your uncle to save the property. It will help him in reorganizing his debts. The lender will give him a repayment plan according to which your uncle needs to pay off his debts within 3-5 years. As your uncle would be getting a repayment plan from the lender, I don't think it would affect you in a negative way. However, to be on the safer side, I would would suggest you to consult a bankruptcy attorney in this regard.
>>I am not sure how long the late payment and foreclosure will stay on my report. Any idea!
The mortgage lates will be there for 7 years, chapter 13 is 7 years from the filing date, and a foreclosure is 10 years.
The mortgage lates will be there for 7 years, chapter 13 is 7 years from the filing date, and a foreclosure is 10 years.
thanks so much all of you giving some direction, keep you guys posted!
mike
mike