QUESTION
What do I do if I am behind on mortgage payments?
Asked on Dec 26th, 2011 on Foreclosures - North Carolina
More details to this question:
I have lived in an owner finance home for 5 years and have been 4 months behind on my mortgage and just got a letter from an attorney to pay up within a week plus legal fees what do I do? Should I consult an attorney or call their attorney because I cannot come up with all the past due balance plus the attorneys legal fees within a week. Will my credit be affected if I get foreclosed on since it I owner finance?
1 ANSWER
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In a Chapter 13 bankruptcy, you could stop the foreclosure and pay back the arrearage over time. If you can't practically do that and you let them foreclose, it could affect your credit if the creditor reports it. The creditor could also be reporting your defaults now if he or she wished.
Answered on Dec 28th, 2011 at 7:41 PM