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how long do foreclosure proceedings take after bankruptcy

I have declared [url=http://www.mortgagefit.com/bankruptcy/chapter13.html]chapter 13 bankruptcy[/url] (been in it a little over a year) and surrrendered two properties. Foreclosure proceedings have begun on one. A representative from the mortgage company has told me that they may not foreclose on the other for years, including after the bankruptcy is over. Is this true? If so, wouldn't declaring bankruptcy had been in vain, and my credit will suffer even more with a foreclosure showing up after bankruptcy? I have checked my credit report, and I have a huge debt to income ratio because the debt from the homes is still showing - when will this be released. What can I do to resolve these issues?

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi dubyah,

As far as I know, after your Chapter 13 bankruptcy is discharged, the lender will give you a new payment plan which will help you in paying off your mortgage debts within a period of 3 to 5 years. If you do not pay the debts according to the new plan, then the lender can foreclose the property. Were you unable to pay the debts according to the new plan?

Thanks

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:30 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have been paying in accordance to the plan. So I guess you are telling me once may payment plan is complete, then the mortgage is "satisfied."

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:30 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Yes, once you pay off the dues according to the plan, your loan will be satisfied. The lender will then report it to the credit bureaus and your credit report will be updated.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:30 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am about 7 months behind on my mortgage I have a 1st & and 2nd. My bank has given me a forbarence. I am not going to be able to avoid bankrupcy. I am underwater on my house.how long can I remian in my house once I file my bankrupcy? Will my lender still owrk with me after. Perhaps let me rent back my house?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:30 | Post subject:

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