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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2624
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I am currently in bankruptcy however I am also in the middle

Customer Question

I am currently in bankruptcy however I am also in the middle of a remoddification on our home. Should we include the home in our bankruptcy or not or wait for the remod? We want to keep our home. Our loan is with countrywide. They are not giving us any answers nor is our attorney. What type of attorney handles this situation?
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Joseph Leon replied 8 years ago.
Are you asking if you should list your home as an asset in the bankruptcy petition? Didn't you already file that?
Customer: replied 8 years ago.
yes, we already filed the case however we now want to keep the house, before we did not so we have to refile here soon, by Feb 13. It has not been comfirmed yet.Is it better to include the home? if we do then that will mean paying the trustee the 13,000 in the rear in the case. How does the remodification work.
Expert:  Joseph Leon replied 8 years ago.
Are you saying you want to modify the plan? Are you talking about the mortgage modification bill that's pending in Congress?

I'm sorry to be thick here, but I am not really following you. By the way, are you proceeding pro se, or do you have an attorney?
Customer: replied 8 years ago.
yes I have an attorney however he is not much help with this problem. I need to know is it better to include the home in the bankruptcy if we are going through a remodification. What are the pros and cons. We are 13,000 in the rears on the home.
Expert:  Joseph Leon replied 8 years ago.
I'm sorry, there are just too many details not being conveyed. If you can give me a detailed description of what you mean by remodification, and where exactly you are in the process, I can try to steer you in the right direction. If you prefer, I can opt out. I am willing to do whichever you prefer.
Customer: replied 8 years ago.

I need your help please. I am going through a remoddication on our home loan and through a bankruptcy at the same time. Is the lender more likely to work with us on the remodification if we include the home in the bankruptcy? OR

Is it best to not include the home and the back mortage payments in the bankruptcy and see what will happen with the remodification.

Either way we want to keep the house.

 

What is the beat route to take to keep our house?

 

Expert:  Joseph Leon replied 8 years ago.
When you filed, you had to list all your assets. Did you not list the home?
Customer: replied 8 years ago.

Yes, the refileing will include the home.

The first filing did not because we had no idea about remodification.

Since learning about a possible remodificaion of our home loan with countrywide it maybe possible to keep our house.

If we include the back mortage payments in the BR can we still loose the home if we are not approved for the remodification.

 

I also know that in remodification the lender can put the back payments on the end of the loan but that is not a sure thing.

Expert:  Joseph Leon replied 8 years ago.
You should repost so someone else can help you. Good luck.

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