7 months behind on my mortgage. If I don''t pay Monday they will "refer to attorney". I can pay 80% of the amount now. I don''t think they want to do a repayment plan. Should I file bankruptcy on Monday to avoid this process of foreclosure? I don''t want to lose my house!
Optional Information: Hend, TennesseeAlready Tried: nothing
The filing of bankruptcy proceedings will not prevent the foreclosure, it will only delay it a month or two.
If your lender is institutional it is surprising that they didn't foreclose after three months. This implies that they just MIGHT accept 80% of the amount due now, and add the remaining 20% to your balance, if only you can present the offer effectively to the right people at your lender.
It would probably be worth your asking a local attorney to make that presentation for you. In today's environment, it is far better for the lender to get that 80% than to incur the costs of fighting a bankruptcy filing and incurring foreclosure costs, only to eventually acquire what must almost certainly be yet another house in a rough real estate market.
Good luck with your situation.
Retired successful "land baron", financier and investor.