Posted: Mon Mar 02, 2009 7:18 am Post subject: Chapter 13 to Chapter 7
I reside in MAryland and file for Chapter 13 in January 08. I made mypayment but in the fall of 2008 fell behind. A repayment plan was place adding $ 1600 to my $ 3000 monthly payments. I could not keep up with this agreement, tried to contact the mortgage company atating that I could only do $ 2,000 twice a month. Now car problems..and I missed this agreement but I am resuming it now...all theis put me $ 9000 behind. If I file for Chapter 7, will or could the Mortgar company reaffirm my loan with them or is this a lost cause at this time. I can do 3000 to 3500 a month withoout stretching too much.
If you file Chapter 7 bankruptcy, the lender may ask you to reaffirm the mortgage. If you reaffirm the mortgage, you will be liable for the payments. In case if you can't make the payments, the lender will have the right to foreclose the property.
ritacain
