Posted on: 14th Mar, 2010 07:07 pm
Sorry for requestioning but need clarification.
1) Has ANYONE delt with TCF Bank of heard of anyone dealing with tem after a BK. I am NOT reaffirming BUT Im am not late on ANY payments, therefore...
a) will they allow me to remain and pay
b) Will they raise my monthly payment
c) Do the foreclosure laws in my state of Michigan FULLY apply to me, ie: the time frame, period of redemption ect IF somewhere doen the road I sto making payments.
If anyone at all could address each of these, I would greatly appreciate it!!
1) Has ANYONE delt with TCF Bank of heard of anyone dealing with tem after a BK. I am NOT reaffirming BUT Im am not late on ANY payments, therefore...
a) will they allow me to remain and pay
b) Will they raise my monthly payment
c) Do the foreclosure laws in my state of Michigan FULLY apply to me, ie: the time frame, period of redemption ect IF somewhere doen the road I sto making payments.
If anyone at all could address each of these, I would greatly appreciate it!!
Hi lmiller,
If you do not reaffirm your mortgage, still you would be able to pay your dues and stay in the property. However, your payments would not be reported to the credit bureau. Moreover, once you stop payments, the lender will have the rights to foreclose the property. There are less chances that the lender will raise the monthly payments as you are current on it.
If your property goes through a foreclosure, then the laws of your state would prevail. However, the lender will not be able to sue you for the deficient balance resulting from the sale of the property as it was included in bankruptcy.
Thanks
If you do not reaffirm your mortgage, still you would be able to pay your dues and stay in the property. However, your payments would not be reported to the credit bureau. Moreover, once you stop payments, the lender will have the rights to foreclose the property. There are less chances that the lender will raise the monthly payments as you are current on it.
If your property goes through a foreclosure, then the laws of your state would prevail. However, the lender will not be able to sue you for the deficient balance resulting from the sale of the property as it was included in bankruptcy.
Thanks
heres the NEWSEST and to recap:
Please clarify and be concise to help us! Thanks!
Heres the question I have.
Husband and I filed BK, creditors meeting set for May 3rd.
We have NEVER been behind on house payments and want to just keep paying to live there. House is 53K underwater due to falling values.
Bank had given us a 3% interest rate last year to get us by. Good thru Sept 2010
Now since we've filed BK, they say ( said today) even if we do Not reaffirm( we dont want to, hubby retired in 4 years) we MUST REFI the house in Sept since the lower rate was a temporary thing or...or they will foreclose! I asked if they would drop principal to reflect market value, they said " probably not we would lose money when market comes back) They said interest rate WILL be higher.
Ideas? Can they foreclose if we are NOT behind in payments? She said YES because the Loan "comes due " in sept. ..." But I BK'd it..." " Doesnt matter" is this true??
Please clarify and be concise to help us! Thanks!
Heres the question I have.
Husband and I filed BK, creditors meeting set for May 3rd.
We have NEVER been behind on house payments and want to just keep paying to live there. House is 53K underwater due to falling values.
Bank had given us a 3% interest rate last year to get us by. Good thru Sept 2010
Now since we've filed BK, they say ( said today) even if we do Not reaffirm( we dont want to, hubby retired in 4 years) we MUST REFI the house in Sept since the lower rate was a temporary thing or...or they will foreclose! I asked if they would drop principal to reflect market value, they said " probably not we would lose money when market comes back) They said interest rate WILL be higher.
Ideas? Can they foreclose if we are NOT behind in payments? She said YES because the Loan "comes due " in sept. ..." But I BK'd it..." " Doesnt matter" is this true??
Hi lmiller!
Welcome to forums!
Your query has been replied to in the given page:
http://www.mortgagefit.com/bankruptcy/foreclose-payments.html#155334
Take a look. Hope it helps you.
Sussane
Welcome to forums!
Your query has been replied to in the given page:
http://www.mortgagefit.com/bankruptcy/foreclose-payments.html#155334
Take a look. Hope it helps you.
Sussane