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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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HELLO , IF I FILE A EMERGENCY BANKRUPCTY WIL THAT STOP FORECLOSURE

Customer Question

HELLO , IF I FILE A EMERGENCY BANKRUPCTY WIL THAT STOP FORECLOSURE ON NY HOUSE WHILE A I'M WAITING ON NACA.NACA TOLD ME AT THE DC EVENT THAT NOTHING WILL UNTIL AFTER MY DIVORCE.NOW MY HOUSE IS UP FOR AUTION ON9/72010 I HAVE CUSTODY OF 2 CHILDREN
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 6 years ago.
Hello,

I am a lawyer with 25 years experience. While I am permitted to provide you with legal information, I am prohibited by JustAnswer.com and various state bar associations from giving legal advice, representing you or entering into an attorney-client relationship through this open forum. Do you understand and accept these provisions as well as Justanswer.com's disclaimer?

Please respond with a Yes or No to continue.
Customer: replied 6 years ago.
yes
Expert:  Ellen replied 6 years ago.
Hello,

NACA statement is not entirely true.

Absent a voluntary forbearance by the lender, a Chapter 13 bankruptcy is the only alternative at this point.


A Chapter 13 bankruptcy would immediately stop the foreclosure action. It could permit you to set up a plan to reinstate your mortgage arrearages. In other words, it could allow you to pay the arrearage over a 5 year period.

The Chapter 13 bankruptcy may also be used to strip away the 2nd mortgage if the first mortgage equals or exceeds the value of the property.

It would be best to retain an attorney. If you cannot, you will want to purchase the forms on line and file them yourself prior to the sale. After you file the petition, you will need to notify the plaintiff.


I hope that the information which I provided was helpful to you.

Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.

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