Is there any way to keep my house??? - Posted by Kris

Posted by JohnBoy on November 27, 2000 at 17:18:58:

Normally you can keep your home when filing a chapter 7. They will take the arrearages and put that under a separate pay back plan in addition to maintaining the current mortgage. I’m assuming that you are in chapter 7 now and it hasn’t been discharged yet? Your attorney should be able to take care of this for you.

The only other issue is whether you can show the court that you can afford to make the payments if they allow you to keep the house.

If you have at least 35% equity or more, you could probably get refinanced to pay off the existing loan. This will most likely mean a much higher interest rate on the loan because of the credit and BK issues. Of course being in CA. you may not need as much equity to qualify for a refi after being in chapter 7. They do things differently their than most of the country! :wink:

Ed could fill you in on what might work for you in CA.

Is there any way to keep my house??? - Posted by Kris

Posted by Kris on November 27, 2000 at 12:39:55:

My problem is kind of strange and I don’t know if anyone can help me. I live in Southern CA and for two years fought cancer, trusting my husband to take care of financial matters. He didn’t. Shortly after he filed for divorce he filed a Chapter 7 forcing me to do the same. My mortgage is about 8-10 payments in arrears and it’s up for public auction on 12-7. Does anyone have any ideas on how I can keep my home? I am trying to give my three children some sense of stability, since they haven’t had any for a long time!!!

Re: Is there any way to keep my house??? - Posted by Ed Garcia

Posted by Ed Garcia on November 27, 2000 at 20:43:15:


Sorry about your misfortune. You don’t give us enough information in regards to how much equity you have. Kris, the question is if you do have enough equity in your home to save it, can you afford the payments. I think that if you would call me in my office tomorrow after 11am at (909) 944-0199 we can talk, and I can either lend you the money to save your house or discuss your alternatives.

Ed Garcia