Higher payments and need advice

kristindaniels · Joined: 02 Jan 2008 Posts: 1 1.31 Dollars($)

I am currently in Ch. 13 bankruptcy and was doing well, then my mortgage adjusted and now I am having a hard time coming up with the payment. When talking to the mortgage company, they said they cannot work with me due to being in bankruptcy. What else can I do now? I am behind 2 months now in my mortgage? And can't get answers from anyone.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi kristindaniels,

Welcome to the forum.

You have already filed Ch. 13 bankruptcy and that must have hit your credit report heavily. Now you are two months behind of your mortgage payments. So the situation is really bad. if you make any further late payments, then you may see your self in the mid of foreclosure.

So better try out short sale or deed in lieu to avoid foreclosure. If you get a good price of your property then go for short sale. Otherwise deed in lieu is better option for you. If the lender agrees for deed in lieu, you may need not pay the deficiency judgment.

Hope this will help you.

Feel free to ask if you have any further questions.

Best of luck,
Larry

blue · Posted: Wed Jan 02, 2008 5:50 pm Post subject:

Hi,

Welcome to Mortgagefit discussion board.

I appreciate that you have at least take the initiative to consult with your lender and let him know about your problem regarding mortgage payments. No lender wants foreclosure. Foreclosure will not be helpful for you not even for the lender. So you can request him at least for deed in lieu as Larry has already mentioned above. If the lender agrees for DIL you need not to pay the deficiency and after the announcement of tax relief by President Bush, you need not to pay even the tax on that forgiven debt.

Do let me know if you have any other questions.

Thanks
Blue

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