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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15868
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I have a friend who is having her house foreclosed on tomorrow

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I have a friend who is having her house foreclosed on tomorrow at noon. She and her husband have been told to consider filing Chapter 13 Bankruptcy first thing in the morning to prolong the foreclosure and possibly save the house. Would you consider this sound advice? They are DESPERATE as you can imagine!! Thanks so much for your immediate help with this!
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 4 years ago.
yes, I would file an emergency chapter 13 in the morning, and make sure the case number XXXXX XXXXX to the sheriff, it really is the only way to guarantee the forelcosure to stop, also it will allow them to stay in the home if they can make the monthly payments. The chapter 13 would reduce the credit card debts, and also force the bank to accept a 60 month payment plan for the mortgage arrears.
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15868
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
WALLSTREETESQ and other Bankruptcy Law Specialists are ready to help you
Customer: replied 4 years ago.
By "making the monthly payments" I assume you mean on the current loan, correct? Unfortunately this is obviously part of the problem. Can the payment be modified with the filing of the Bankruptcy? Also, what all would be put into the Chapter 13? Cars, Lines of Credit? They do not have any credit card debt to speak of.
Expert:  WALLSTREETESQ replied 4 years ago.
the first mortgage has to be paid, the arrears can be paid over 60 months, all debts including the car and lines of credit are included and can be reduced, however if their is a second loan on the home, and the equity in the home does not cover the second or third loans, the court can remove them from the home, and reduce their balance.
Customer: replied 4 years ago.
What would be your recommendation if they are unable to make even the first mortgage payments because I think they are going to struggle to even cover that with the other payments just being lowered. There is no second mortgage on the home. Do they have to provide some proof that they are able to cover those payments? (the reason I ask this is because her husband is in the process of getting another job offer - literally - that should pay considerably more and in that case they would probably be able to make the payments).
Expert:  WALLSTREETESQ replied 4 years ago.
they will have to show income to pay the mortgage, but will have a month or even longer to pay the first payment, if it will not work atleast it gave them 3 more months, when they have the income to pay the mortgage, the court would allow them to keep the house then, the process does take 2-3 months.
Customer: replied 4 years ago.
Thank you for the information, you have been very helpful. One last question - would you recommend this to a friend of yours? I assume you would based on your answers, but just curious. Is a Chapter 13 better than a foreclosure on your credit? (ok 2 more - :) ) Thanks again!
Expert:  WALLSTREETESQ replied 4 years ago.
yes, I think a chapter 13 is best and even if they cannot afford the current mortgage it does stop a foreclosure, and is better than a foreclosure on their credit.
Customer: replied 4 years ago.

Thank you so much - you have been a big help! Hopefully this will all work out for them.

Take care!

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