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Chapter 13 BK in Contra Costa County - Oakland, CA Will a Chapter 13 help me to save my home? I am behind in my mtg payments 40k and I am in foreclosure process. The lender is a hard money lender in Los Angeles, a group of private investors. I have owned the home since 08/2007 I lost my job but am now working and can pay. I contacted and made arrangements to pay the payment plus 1k towards the 40k past due per mo. they accepted but said they will go forward with the foreclosure and sale of the house. I am very upset and have waited 60 days, now I contacted them again and said I will send the payment and now they refuse payments and said they are going forward with the sale of the house. Will a Chapter 13 BK help me to save the house and force them to accept my payment as agreed. This is a bait and switch they did. I have 100k in equity and no credit card dept. the value of my house is 560k per assesors tax bill received in June. and my mortgage is 435k. is there any exemtion for me?
State/Country of Question: California Already Tried: If the bank posts the house for sale and it does not sale can they put the house back into their name? If they do that do I still have time to recover the house back to my name? I was told this might happen because if it goes to action and there is a stay then they just postpone the sale but can continue without notice.
Hello,The Chapter 13 may assist you provided you file the petition prior to forclosure sale.A Chapter 13 may force the lender to accept the arrearage over a 3-5 year period. This will force a reinstatement of the loan on the lender.Good luck.
Attorney
25 years of experience. Positive feedback appreciated
My question is: if the bank goes ahead and transfers the house into their name before I file can I do anything to get the house back and reinstate my loan? Can I sue them or do anything?
Hello,
At that point you may not have any remedies