Ask Experts Questions for FREE Help !
Ask
    moe5324's Avatar
    moe5324 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Sep 17, 2007, 06:15 AM
    Chapter 13 & Foreclosure
    :confused: My wife and I filed Chapter 13 ~1 year ago and have about 3.5 years left in the program
    Paying 550.00 per month. Our problem is that we refinanced our mortgage into a ARM and with the second mortgage I am paying ~2200.00 per month for our house. With this taking over 50 % of our budget we find ourselves wondering what can be done. We have been unable to refinance since the current housing market has put us upside down in the house and am struggling just to get by.

    Should we just walk away from the house and let the bank foreclose and just rent?

    How will this affect our credit?

    How will this affect our Chapter 13 program?

    Any advise would be greatly appreciated...
    slowandeasy's Avatar
    slowandeasy Posts: 353, Reputation: 14
    Full Member
    		  
    #2

    Sep 17, 2007, 09:36 AM
    Ask your bk attorney if it is possible to covert to a chapter7
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Foreclosure [ 3 Answers ]

Colorado I was told by a financial adviser that they could not take your home The elderly people have owned their home for 55 years it is paid and now rental property that he is on the mortgage is in trouble do to may factors. I was told on this site they could put a lien on the house I have...

Foreclosure [ 10 Answers ]

Hi: I have an apartment in Miami and I can not make payments anymore, I refinanced it sometime ago to afford making the payments but I run out of money and I have no job or income of any kind. If the bank foreclosure the apartment are they going after me for money if they sell the apartment for...

Foreclosure complaint [ 1 Answers ]

I was handed a foreclosure complaint I have 28 days to answer the complaint can you tell me how to answer this I've never done it and don't know what to do. Thank you michelle

Chapter 13 & Death of a spouse [ 3 Answers ]

My husband just died a few weeks ago (5/29/07 due to a short (2 months) of cancer. He was dagnosed in 4/07. We filed Chapter 13 last year (07-06) and his weekly checks were garnished to pay on the settletment. I don't have a pay check coming in due to using all my accurals and I am not in the right...

What is the consequences of foreclosure [ 10 Answers ]

Hi, I have a property that is appraised for $540,000. I have a bank loan of $350,000. Since I took a interest only loan, it's going to expire in Sept 07. I need to pay off the loan. I have an unofficial partner who has screwed me over and the loan is only in my name. What happens to me if I...

View more questions Search