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glitsycat · Joined: 05 Feb 2009 Posts: 1 1.66 Dollars($)

We filed chapter 13 12-2007 and I ended up missing a total of 4 payments, we own a hair salon and have been hit hard with the decline of the economy, so everytime we had to pay quarterlys, I had to decide to pay tax instead of mortgage. We don't want to lose our home, but my lawyer said if we wanted to re file we would have to catch up missed payments, is there any other options so we can keep our home, because there is no way we can come up with over eight thousand dollars any time soon. Thank you

jstncredit · Joined: 05 Feb 2009 Posts: 28 10.12 Dollars($)

Since you have missed the mortgage payments, you should immediately contact the lender and inform him of your financial position. This may help in preventing foreclosure. Now, the lender may agree to help you out because foreclosure is costly for both the lender and the borrower. The lender can help you to come to a repayment plan so that you can make the missed mortgage payments slowly along with your current payments.

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Our lawyer says to file chapter 7 and let the home go, but we don't want to give up, she says since we couldn't keep up with the chapter 13 payments. We have asked the lender for a loan modification and to work the payments in, we haven't heard back yet. I feel pressured by our lawyer to file chapter 7

kingno1 · Joined: 25 Apr 2008 Posts: 61 21.19 Dollars($)

Well, as soon as i missed 2 payments, my lender offered me a deal for 3% for 2 years. Try to work out with your lender to get something in those lines..good luck.

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