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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I AM TRING TO SAVE MY HOME FROM FORECLOSURE I OWE A LOT OF

Customer Question

I AM TRING TO SAVE MY HOME FROM FORECLOSURE I OWE A LOT OF BACK PAYMENTS I HAVE OTHER LOANS SUCURED BY THE HOUSE I HAVE NO EQUITY I FILED CH 13 IT WAS DISMISSED (NON PAYMT) THEY WERE TOO HIGH TO KEEP UP IF I FILE CH 7 ARE THERE ANY OPTIONS IN THAT CODE THAT WILL ALLOW ME TO SOMEHOW KEEP MY HOME?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.
Hello,


A Chapter 7 does not contain any provisions to reorganize debt. However, it would eliminate most unsecured debt. After eliminating your unsecured debt, you can then attempt to modify your loan. The lender may be more agreeable since you will no longer have personal liability under the mortgage note..
Ellen and other Bankruptcy Law Specialists are ready to help you
Customer: replied 7 years ago.
IF I FILE CH 7 WOULD THEY (THE BANK) BE GRANTED A STAY FROM RELIEF AND FORECLOSE?
Expert:  Ellen replied 7 years ago.
Hello,


If you file a 7, the bank could file a motion for relief from stay and foreclose. Or they could wait until after discharge and foreclose. Hopefully they would instead be agreeable to modification.

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