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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: RELEIF FROM STAY Posted by Troy on August 19, 2001 at 8:37 PM In Reply to: RELEIF FROM STAY posted by Ede on August 17, 2001 at 9:56 AM : After converting a chapter 13 to chapter 7 in June 2001, the lender was granted a relief from stay on July 26th. I AM IN a position to play catch-up but I am not certain that I'll have the opportunity. I owe approx. $59K and am in arreages by $11K. : I can put down 20% of the arreages and pay twice the mortgage over the next year to catch up. HOWEVER, I'm working w/a non-profit housing counselor who doesn't seem certain this will work. I guess I'd like for someone to tell me if it's possible to reclaim my home, and will/should I invest in legal services to assist me. I'm extremely hesitant to invest in legal services if the idea isn't plausible. : I just got back on my feet and can't afford personal attorney's fees - I am already paying the lender's attorney's fees. : Any advice would be greatly appreciated. Of course, time is of the essence. ******************** Ede, In the above scenario you mentioned (20% down and a double mortgage payment for the next year), did you make this offer to the lender or did they spell out these terms to cure the foreclosure? If it is the lender who offered you these terms, I'd take them. But, I assume it is you who is considering whether this is plausible or not? If so, have you even asked your lender yet? If not, I'd do that before hiring a lawyer. Another issue to consider, however , is whether you can realistically make that type of payment. If you couldn't have made the original payment, what makes you now think you can make a "double" payment for the next year? ... plus come up with $2200 in cash? It is an interesting thing to balance between the probable and the possible. Be honest with yourself, and do what you know you can. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : After converting a chapter 13 to chapter 7 in June 2001, the lender was granted a relief from stay on July 26th. I AM IN a position to play catch-up but I am not certain that I'll have the opportunity. I owe approx. $59K and am in arreages by $11K. : : I can put down 20% of the arreages and pay twice the mortgage over the next year to catch up. HOWEVER, I'm working w/a non-profit housing counselor who doesn't seem certain this will work. I guess I'd like for someone to tell me if it's possible to reclaim my home, and will/should I invest in legal services to assist me. I'm extremely hesitant to invest in legal services if the idea isn't plausible. : : I just got back on my feet and can't afford personal attorney's fees - I am already paying the lender's attorney's fees. : : Any advice would be greatly appreciated. Of course, time is of the essence. : : ******************** : Ede, : In the above scenario you mentioned (20% down and a double mortgage payment for the next year), did you make this offer to the lender or did they spell out these terms to cure the foreclosure? : If it is the lender who offered you these terms, I'd take them. But, I assume it is you who is considering whether this is plausible or not? If so, have you even asked your lender yet? If not, I'd do that before hiring a lawyer. : Another issue to consider, however , is whether you can realistically make that type of payment. If you couldn't have made the original payment, what makes you now think you can make a "double" payment for the next year? ... plus come up with $2200 in cash? : It is an interesting thing to balance between the probable and the possible. Be honest with yourself, and do what you know you can. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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