We are in a situation where the bank is going to start repossession on our house. We are now in a chapter 13 and 7 months behind on our mortgage payments. I read on this website where a guy asked about getting his brother's flat back which was repossessed. Your answer contained information that a court usually will not repossess a house if the customers are able to pay something. Is this true? We will be able to come up with a quarter maybe half of the money they are asking. Please let me know what else we can do.

-- Jessica L. Miera (jlmiera@salud.unm.edu), March 04, 1999

Answers

I think you are posting from the US. We're not really able to help you because we're very much about the law in the UK, where we're based.

The only thing I think you can do is get a lawyer who knows more about the situation in the US, I'm afraid.

-- Lee (repossession@bigfoot.com), March 04, 1999.

Jessica, I live in the U.S.A. and am very familiar with the foreclosure process here. I help people keep their property when facing foreclosure or repossession. However to help answer your question I need to know what state you live in because in the U.S. every state is different regarding foreclosure. Some states have something called a "redemption" periods others do not. Some states are Trust Deed states others are Mortgage States therefore different rules apply depending on where you live. It has been my experience (15 years worth) that the bank will not reinstate the loan if only partial payment is made. However if you are back on your feet you may be able to negotiate something called a "forebearance agreement" with your lender. Look into it. Hope this help!

-- Gene Melgoza (gmelgoza@co.tds.net), July 12, 1999.