My home is in foreclosure and the sale date is November 24th. I have been struggling with the bank to let me keep my home through 3 modification agreement applications and periods of payments (all made on time) until the modification was declined until I applied again.
I bought the home 11 years ago, I sold it to my Mom 5 years ago because her credit got us better interest rate and she moved in to help take care of me as I came down with a dibilitating bone disease that left me bedridden (I'm about 70 percent back to who I was which is huge improvement). At any rate my mother put my name on the title of the home about 6 months before she passed away in August of 2009.
My fiance (of 11 years) and I can afford to make payments if the bank would be willing to adjust the principal (house underwater) and/or change the interest rate.
I spoke to a Real Estate Attorney about my problem with the knowledge that our goal is to keep the house even with no equity
, and he suggested I look into chapter 13.
I certainly have unsecured debts and tax bills deemed "uncollectable" with my disibility I am on Social Security Disability
after 15 years of earning over 100K (160K the last two years) as a software programmer. I never planned for a severe illness that would turn my life completely upside down. However my fiance earns a good salary (and we have a tenant) and that's how we could afford to make house payments on a modified loan if the bank were willing.
Trying to give you some history without bogging you down with irrelavent details. Please let me know if you have any questions.
My question to you is How would Chapter 13 help me to keep the home? Can you enlighten me on how that would work if it would and if I have enough time to do so with the home's sale date being the 24th of this month. OR do you think that now that my mother has passed away, I might be able to stop the sale date by applying for another home loan modification
in MY NAME since all the previous ones were in my Mother's name?
Thanks in advance for your advice, Monica