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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2821
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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Hi. Thanks for your help. I just got discharged from a

Resolved Question:

Hi. Thanks for your help.

I just got discharged from a Ch. 13 bankruptcy last June. I have done real well paying all
bills on time since I first went into bankruptcy. Unfortunately, last Thursday I was let-go
from my company. I have 2 beach properties in addition to my current residence. I am
worried that I will not be able to make payments on those additional mortgages.

If I can't make payments on the properties, what should I do?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 7 years ago.
If you want to keep the properties, you will need to do one of the following:
1. refinance or work out a loan modification with the lender
2. if you fall behind, you can file chapter 13 again 2 years from the discharge date of the last chapter 13. You must have steady income to make this work though, so you may need to wait until you get back to work before you can file to propose a feasible plan.

Also, you can always sell the properties if you can no longer afford them.
Customer: replied 7 years ago.

Thank you. I really don't want to keep the vacation properties, but I'm so upside-down

that I can't get out of them. Now I more than likely won't be able to pay the mortgages

on them. Do I need to be late on those payments before the mortgage companies will

negotiate with me?

 

Also, I am serious about opening up my own Optometry office. I don't want to jeopardize my credit while doing so. I'm concerned about being late on my mortgage

payments and at the same time applying for credit with my ophthalmic creditors.

 

Any recommendations?

Expert:  Terry L. replied 7 years ago.
Each company is different on when they will work with you. Congress has passed some laws recently to hopefully ease up the requirements, but you'll need to contact them to see their specific policies.
Terry L. and other Bankruptcy Law Specialists are ready to help you