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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2830
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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i do not see any answer to my quest

Customer Question

i do not see any answer to my quest
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 6 years ago.

Terry L. :

Hi and thank you for your question. In the future, you can request me to answer any further questions.

Terry L. :

I will change this to a Q&A as the live chat was activated. I'll repeat my answer.

Expert:  Terry L. replied 6 years ago.
Hi and thank you for your question. In the future, you can request me to answer any further questions.
3:12 PM
If you do not want the house, you can consider chapter 7 to discharge the debt, let them foreclose and walk away.
3:13 PM
The Chapter 13 can cure any default on the first, and if the 2nd mortgage is wholly unsecured, meaning there is no equity to attach to, you can strip off the lien and pay the debt at your unsecured rate, often as low as 10cents on the dollar.
3:13 PM
Thanks for your question, good luck.

Let me know if you have any further questions.
Customer: replied 6 years ago.

THE 2ND IS A GOVT LOAN SECURED WITH THE HOUSE THEY WANT TO TAKE FROM MY GOVT INCOME...IF I FILE CHAP 7 I SHOULD CLAIM BOTH LOANS RIGHT ...I WAS GIVEN A LOAN MOD THAT IS HIGHER PAYMENT THAN I HAVE NOW...CHASE SAYS I CAN AFFORD TO PAY THIS AMOUNT...IS THERE ANY WAY TO GET A GOOD LOAN MOD LIKE THE HAFT PROGRAM IS SUPPOSED TO WORK? SO I DO NOT HAVE TO LET THE HOUSE FORCLOSE?

NOT SURE WHAT UR TELLING ME IN UR ANSWER...

Expert:  Terry L. replied 6 years ago.
Chapter 13 is a debt repayment plan to cure any default you have with the mortgages. If you want to keep the home, and cannot afford the loan modification as proposed, it may be the best alternative. You can pay the default over 3-5 years in the chapter 13 and getting rid of the consumer debt as well , by paying pennies on the dollar.

You should talk to a local bankruptcy attorney to review a proposed repayment plan with you. Most offer free consultations.

Your only other option is to look to refinance the house since interest rates are near an all time low. This is different than a loan modification.

Good luck.
Customer: replied 6 years ago.

that is not what i am asking....

 

i have done that and am familiar how it works...I am asking about a loan amount reduction that lowers the balance of the mortgage....i am being told by the attorney that it is possible to file 13 and get the loan modified under the april 10...fed court can modify loans act....i can not find any info that that is a true statement....

 

if u do not know just say so...i just want to see if the loan mod lawyer is conning me before i pay him $4000....HAS THIS BEEN PUT INTO EFFECT OR IS IT STILL BEING DISCUSSED...I HAVE BEEN TOLD THAT IT IS BY ONE GUY AND IS NOT BY ANOTHER...WHICH IS WHY I AM ASKING HERE....THE WHOLE COUNTRY WOULD BE CHAPT 13 TO GET A LOAN MOD IF IT WERE THE CASE...