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Maverick
Maverick, Attorney
Category: Bankruptcy Law
Satisfied Customers: 3431
Experience:  Bankruptcy Law With An Accounting Degree - 13 + years as civil lawyer
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Just the facts. Been running 3-5 mo behind on mrtg since April.

Customer Question

Just the facts. Been running 3-5 mo behind on mrtg since April. Currently at 4 months behind. Income dropped 11k to 9k in Jan. Contacted Cntrywide in April for workout of some sort. They state backlog and be patient. I send in docs 2x but they don't get all of them. I contact monthly they state backlog but that I will continue to receive foreclosure warnings but account is "marked" so that won't happen. Recently receive "Intent to Accelerate". Sept 1 my income went to zero due to abrupt cancel of contract - I am paid hourly for a consulting firm. I switched comp plans and on Oct. 16 will begin $5k/mo min - $6.5k/mo max. Home has min $100k equity. Other credit is poor. Question is: Since my income is all over the place lately, I can report a minimum or a maximum; I can tell mortgator or not about likely increase by Nov. How best to communicate income to have best chance of rate reduction? Sept 16 & Oct 1 pay stubs will show zero. With other oblig I am going to have trbl - need rate redu
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Maverick replied 4 years ago.

You may want to be careful as what other people have been reporting to us is that many of these banks just on your application seeking to remodify the loans and before you know it you are in foreclosure proceedings and cannot do anything about it because the bank never foramlly agreed to modify the loan with you in writing.

 

My suggetion is that you file for Chapter 13 bankruptcy and force the bank to work out a 3 to 5 year plan to see you through these tough times.

 

Please click "Accept" so that I can get credit for this answer. We can continue our conversation after that at no additional charge.

Maverick, Attorney
Category: Bankruptcy Law
Satisfied Customers: 3431
Experience: Bankruptcy Law With An Accounting Degree - 13 + years as civil lawyer
Maverick and other Bankruptcy Law Specialists are ready to help you
Customer: replied 4 years ago.

As far as the confirm on the workout - what about telephone records (theirs). Or is that just silly?

 

As for the Chapt. 13 - how will that affect my mortgage relationship? No and in hte future? I had to file for Chapt 13 back in 1990 and paid all of that program off - but I excluded the mortgage I had at the time (not the current one).

 

Does Chapt. 13 stay on credit for 10 yrs like other form of Bkruptcy?

 

Thanks,

Expert:  Maverick replied 4 years ago.

Their telephone records saying that the file has been marked does not constitute a written agreement that an actual modification was agreed to by them.

 

The chapter 13 willl stay on credit record for 7 years.

 

I need a clarification as to what you mean by how it will affect the mortgage relationship.

Customer: replied 4 years ago.

I don't really know - - I guess it can't really get much worse than now...

 

I have some thinking to do I guess.

 

thanks.

Expert:  Maverick replied 4 years ago.
Sure.

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