Posted on: 25th Feb, 2010 07:50 pm
I don't know what to make of my situation, so not sure if anyone else can either. But here goes:
I had a Ch 7 bankruptcy discharged in March '06. My lawyer did not reaffirm mortgage. I've been paying on house since. Got behind previously, and entered into payment arrangements to get caught up.
Last October, the ex stopped paying child support. I got behind again on mortgage payment. I knew I was getting a lump sum for student loans in January, so I planned on getting caught up then. Called into Citimortgage on Jan 25, asked for my "total amount due" - and paid it ($4300).
The next month, this month, I called in to make a payment, expecting to make a regular payment, I get told that I fell into foreclosure as of Jan 16.
What the heck??!
I am then told that the $4300 is sitting in limbo, and that it will take 10 days to find out what additional fees are racking up due to it being in foreclosure. I call to speak to Citi's attorneys several times and after many days of calls, I get someone to FINALLY give me the fees. Instead of being a normal payment ($900), they want $4100 more in addition to the $4300 they are 'holding' for me to be current. This reinstatement quote is good for 30 days. The attourney's fees are 3200, and they haven't even DONE anything yet that I'm aware of. ???
Consequently, I was planning on replacing the roof this month - anticipating a $6000+ bill for that. I don't have enough $$$ for reinstatement and a roof. I don't want to begin roofing a house I'm losing. I was told today that I can get back the $4300 from Citi - so, I can have $10,000 and give up my house, or I can get current on a house with holes in the roof.
Is there some other option I'm not seeing?
Any advice?
I had a Ch 7 bankruptcy discharged in March '06. My lawyer did not reaffirm mortgage. I've been paying on house since. Got behind previously, and entered into payment arrangements to get caught up.
Last October, the ex stopped paying child support. I got behind again on mortgage payment. I knew I was getting a lump sum for student loans in January, so I planned on getting caught up then. Called into Citimortgage on Jan 25, asked for my "total amount due" - and paid it ($4300).
The next month, this month, I called in to make a payment, expecting to make a regular payment, I get told that I fell into foreclosure as of Jan 16.
What the heck??!
I am then told that the $4300 is sitting in limbo, and that it will take 10 days to find out what additional fees are racking up due to it being in foreclosure. I call to speak to Citi's attorneys several times and after many days of calls, I get someone to FINALLY give me the fees. Instead of being a normal payment ($900), they want $4100 more in addition to the $4300 they are 'holding' for me to be current. This reinstatement quote is good for 30 days. The attourney's fees are 3200, and they haven't even DONE anything yet that I'm aware of. ???
Consequently, I was planning on replacing the roof this month - anticipating a $6000+ bill for that. I don't have enough $$$ for reinstatement and a roof. I don't want to begin roofing a house I'm losing. I was told today that I can get back the $4300 from Citi - so, I can have $10,000 and give up my house, or I can get current on a house with holes in the roof.
Is there some other option I'm not seeing?
Any advice?
Hi valliemack,
You have mentioned that your property was included in Chapter 7 filing and you did not reaffirmed the debts. In that case, you're not liable to pay off the dues. You can simply surrender the property to the lender who can foreclose it and recover the dues.
Thanks
You have mentioned that your property was included in Chapter 7 filing and you did not reaffirmed the debts. In that case, you're not liable to pay off the dues. You can simply surrender the property to the lender who can foreclose it and recover the dues.
Thanks
Thanks for the reply jameshoqq. I gathered from reading here and learning about it that I can surrender the property, but I am not sure if that is what's in my best interest. That's why I was seeking suggestions/advice here.
I have several factors which are making me consider giving up the house, and obvious ones for wanting to keep it if possible.
There's a distinct possibility I might be relocating out of state this summer for my child, but it's not certain, and we won't know until May/June if my child is accepted to a special school (reason for the move). I may have to move out of the house before I know if I'm moving out of state or not. I'm torn between staying and going, and have no idea which factors should be included in making a decision on what to do with the home.
Did I mention this is a hairy predicament?
I have several factors which are making me consider giving up the house, and obvious ones for wanting to keep it if possible.
There's a distinct possibility I might be relocating out of state this summer for my child, but it's not certain, and we won't know until May/June if my child is accepted to a special school (reason for the move). I may have to move out of the house before I know if I'm moving out of state or not. I'm torn between staying and going, and have no idea which factors should be included in making a decision on what to do with the home.
Did I mention this is a hairy predicament?
Hi valliemack!
Welcome to forums!
As you haven't reaffirmed the mortgage, you can surrender the property to the lender and relocate. Though the lender will foreclose the property to recover the dues, he will not be able to come after you for the deficient amount resulting from the sale. This is because your property was included in bankruptcy.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you haven't reaffirmed the mortgage, you can surrender the property to the lender and relocate. Though the lender will foreclose the property to recover the dues, he will not be able to come after you for the deficient amount resulting from the sale. This is because your property was included in bankruptcy.
Feel free to ask if you've further queries.
Sussane