InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Complex question - Ch.13 to Ch.7 Posted by Syla on June 20, 2003 at 10:40 AM My question is: A home is currently included in a THIRD filing of a chapter 13. (He filed, then the wife, then him again.) The man must come up with 3 trustee payments by Monday to have his plan confirmed. He will have 2 payments, but not 3. Like you, I am thinking that this man simply is in over his head an cannot afford this home. However, he has launched a new job and will be earning about 10-12K a month as opposed to his past 2500-3000 a month. He wont get his first pay until August. At which point he would plan to buy him self out of reorganization. Now with all that being said, if on Monday, he were to convert to a Chapter 7. Would he be able to pay the default amount on the mortgage before foreclosure to save his home. Which he would financially be able to do come August - September. Now if it makes a difference, it is an FHA loan. Thanks! Quick responses appreciated. Follow Ups: Probably UFS 11:15 AM, 06/20/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : My question is: : A home is currently included in a THIRD filing of a chapter 13. : (He filed, then the wife, then him again.) : The man must come up with 3 trustee payments by Monday to have his plan confirmed. : He will have 2 payments, but not 3. : Like you, I am thinking that this man simply is in over his head an cannot afford this home. : However, he has launched a new job and will be earning about : 10-12K a month as opposed to his past 2500-3000 a month. He wont get his first pay until August. At which point he would plan to buy him self out of reorganization. : Now with all that being said, if on Monday, he were to convert to a Chapter 7. Would he be able to pay the default amount on the mortgage before foreclosure to save his home. Which he would financially be able to do come August - September. : Now if it makes a difference, it is an FHA loan. : Thanks! : Quick responses appreciated. 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

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction.

Copyright © 1997-2003, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455