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Andrea Ray
Andrea Ray, Attorney
Category: Bankruptcy Law
Satisfied Customers: 82
Experience:  Over 5 years experience in consumer and commercial bankruptcy law, Chapters 7 13 and 11
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I filed bankrupctcy, I called my mortgage lender for options

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I filed bankrupctcy, I called my mortgage lender for options because I don't want to let the house go, but all they said was to talk to my bankruptcy lawyer, which I don't have one. what can I do?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Andrea Ray replied 5 years ago.
Are you behind on the mortgage?
Customer: replied 5 years ago.

Yes as a matter of fact I couldn't make my payment this month, it was either make the house payment or stay with no electricity, no car insurance etc.

Like I said before I got a hold of Hope which is novadebt.org and they called my lender three way conversation and once the lender heard I filed bankruptcy, they say they could not tell me my options for me to call my bankruptcy lawyer. All I wanted from them was to lower my payments.

Expert:  Andrea Ray replied 5 years ago.
I am not sure I'd waste my time and money with Hope. In the three way conversation, someone who had experience dealing with these issues would have quickly told the lender that you don't have a lawyer. The reason they told you to contact your lawyer is because they cannot speak with someone who is represented by an attorney.

If your bankruptcy has not been discharged, you may be able to reaffirm the debt. It is the creditor's choice as to whether to offer you a reaffirmation, and if they do offer this, whether to renegotiate the loan. If you reaffirmed, it would be like you never filed bankruptcy on the loan, and the agreement can be modified (again, on the creditor's choice) to lower payments, stretch payments out longer, or lower the interest rate.

If the bankruptcy has been discharged, there may not be much you can do other than to try and get a mortgage on the house from another lender and pay off the lien from your current lender with it.

Again, please understand that the lender does not have to do anything to modify your loan and can choose to foreclose if you remain in default. Anyone who tells you that you "have a right to reduce your debt" or modify the loan is trying to scam you.

If you have filed for bankruptcy and are still having trouble making the mortgage payment, I am not sure I would re-indebt myself with a reaffirmation agreement. Then you would be on the hook for the loan and if in the future you cannot perform, the home would be foreclosed on and you may owe a deficiency balance after the sale, which you would not be able to file bankruptcy on for 8 years from your discharge date.
Customer: replied 5 years ago.

I have not file bankruptcy on this loan, and I can not refinance with any other lender because what I owe on this property it is more than the double that houses in the area are being sold for, I owe $153 K on my house and there are two or three houses on the same block that I know are been sold for less than 80K, so as you see refinancing is not the solution for me.

Expert:  Andrea Ray replied 5 years ago.
If you filed bankruptcy then you filed bankruptcy on this loan. All of your debts and all of your assets are to be listed and are considered to be discharged at discharge, unless you reaffirm a particular debt. So your options are to walk away and let the home get foreclosed on, maintain payments, or work with the lender. Again, that is their choice though. Unfortunately they don't have to help you. But since our economy is cruddy, many lenders have come up with programs to assist in these situations.

If you've already got a discharge, try to call again and tell them you didn't have an attorney in the bankruptcy. See if they have any programs to help you with keeping the loan or forbearing payments on it for a brief period of time so you can get caught up with utilities and such.
Andrea Ray, Attorney
Category: Bankruptcy Law
Satisfied Customers: 82
Experience: Over 5 years experience in consumer and commercial bankruptcy law, Chapters 7 13 and 11
Andrea Ray and 3 other Bankruptcy Law Specialists are ready to help you

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