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Worried I will lose my house

Submitted by Sandy2 on Thu, 04/10/2008 - 4:21pm.

Hi I am not behind on my mortgage, but I took a wrong deal on my house. The mortgage company gave me three options a principal and interest payment, Interest only payment, minimum payment. I am only paying the mimimum payment. I still have to pay back the deferred interest for my principal balance to go down. I should have took a 30 year mortgage, instead I took 3 years. I will be done with this mortgage company in oct 2009. I am worried that I might still get a foreclosure on my home. I filed bankruptcy because of credit card problems. I believe even when I pay the principal balance down, I wont be able to get a new mortgage. The houses in my area are going down, because of the property value. I live in Massachusetts, and I am so worried that I am going to lose my house. Sandy

Comments:

Submitted by admin on Thu, 04/10/2008 - 4:25pm.

Hi Sandy, The only reason Hi Sandy, The only reason the mortgage company can take your house is because of non-payment. Make sure you work closely with your bankruptcy attorney to get a bankruptcy plan approved that you can truly afford, including the house payment. Note at this time the bankruptcy court can NOT change the terms of your mortgage, so you need to be able to afford the CURRENT mortgage. Also note, that with the past due credit cards, and the bankruptcy, you may find it VERY difficult to refinance in today’s market. So be realistic - if you can’t afford the current mortgage for the foreseeable future, start taking action now to either sell the home, or negotiate a loan modification with your lender. A HUD Counseler may be a good place to start, see: http://www.hud.gov/foreclosure/index.cfm. Best regards.

Submitted by janicegottlieb on Wed, 04/16/2008 - 4:09pm.

I’m hoping you can answer I’m hoping you can answer my question as well. If we have a judgement against us for bills we weren’t able to pay when my husband was injured, can the collection company take our house since the judgement? If you can’t answer this, could you advise us of another web site where we might ask this question. Thanks.

Submitted by Lance on Thu, 04/17/2008 - 2:55pm.

Hi Janice, You

Hi Janice,

You didn’t mention which state you are in. Generally a judgement does attach to your home such that if you sold your home the judgement would have to be paid. Typically for the judgement holder to foreclose and “take your house” they would have to file a legal action and win approval from the court. This seems to be fairly rare.

For more detailed advice I’d contact a bankruptcy attorney in your local area. Even if you don’t want to declare bankruptcy, they would likely be your best source of information on this particular issue.

Hope that helps,