Posted on: 12th Jan, 2011 02:29 pm
Hello
We just met with our attorney to see what our options are for keeping our house too., originally we were going to file chapter 13 and try to keep our house, but 2 months ago i lost my job and now only have unemployment along with my partners job. The attorney said that we would qualify for chapter 7 now as our income is lower....i really would like to keep our house but we purchased in california when values were way up....the last apprasial was only 300,000 on our home and we owe 495,000. he said once we file we could try to negotiate for loan modification and they might reduce the amount of the loan....but thats a slim chance. he suggested walking away from the home as we will be paying on something with no value for along time....i hate the thought of leaving as i love our neighbor hood and the property itself...
but i get it we would have to pay about 1000-1500 a month plus the mortgage if we did a chapter 13 just to get caught up with back taxes and the mortgage...do you think we could negotiate for a better loan modification
We just met with our attorney to see what our options are for keeping our house too., originally we were going to file chapter 13 and try to keep our house, but 2 months ago i lost my job and now only have unemployment along with my partners job. The attorney said that we would qualify for chapter 7 now as our income is lower....i really would like to keep our house but we purchased in california when values were way up....the last apprasial was only 300,000 on our home and we owe 495,000. he said once we file we could try to negotiate for loan modification and they might reduce the amount of the loan....but thats a slim chance. he suggested walking away from the home as we will be paying on something with no value for along time....i hate the thought of leaving as i love our neighbor hood and the property itself...
but i get it we would have to pay about 1000-1500 a month plus the mortgage if we did a chapter 13 just to get caught up with back taxes and the mortgage...do you think we could negotiate for a better loan modification
Hi Rileydog!
Welcome to forums!
Whether you file Chapter 13 or Chapter 7, you will be able to save your property. In case of Chapter 13, you will have to pay as per the payment plan to save the property. In case of Chapter 7, you'll have to reaffirm the mortgage and pay off the mortgage in full.
As far as loan modification is concerned, the lender may not consider your option now. This is because, you are unemployed right now. Unless, you show some kind of income, the lender will not consider the option of loan modification for you.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Whether you file Chapter 13 or Chapter 7, you will be able to save your property. In case of Chapter 13, you will have to pay as per the payment plan to save the property. In case of Chapter 7, you'll have to reaffirm the mortgage and pay off the mortgage in full.
As far as loan modification is concerned, the lender may not consider your option now. This is because, you are unemployed right now. Unless, you show some kind of income, the lender will not consider the option of loan modification for you.
Feel free to ask if you've further queries.
Sussane