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Posted by Raymond enton on February 25, 2005 at 10:45:02:
In Reply to: Hardship assistance or Chapter 13 to stop foreclosure. posted by Stevie on February 24, 2005 at 11:36:04:
Lender's negotiate forebearance agreements in their favor and many borrowers find it painful to complete the agreements. For this reason, I always advise my clients to hire a professional lender mediation firm to represent them to the Lender. The firm is aware of all the forebearance methodologies that can be deployed and will negotiate an agreement that is reasonable for both the borrower and lender. Having said that, in your case it appears you negotiated the agreement by yourself so it's too late to do lender mediation. If you want to keep your house, you have 3 options. The first is to continue with the forebearance agreement. The second is to refinance your house and the third is chapter 13. Refinancing makes sense if you have enough equity to pay off the note and whatever amount is included in the forebearance. The third option is chapter 13. The bankruptcy enables you to re-organize your existing debt and pay it off within a 3-5 year period (usually). You'll be able to keep your house and your financial situation won't be as painful for you. You may qualify for HUD approved FHA-insured financing 12 months after your chapter 13 filing date. This will enable you to refinance your house while you're in the chapter chapter 13, concluding your forebearance and chapter 13 plan early. A lot of my customers exercise this strategy if they don't have much equity in their house because the FHA down payment requirements are so low.
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