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Ellen
Ellen, Attorney
Category: Bankruptcy Law
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Experience:  Bankruptcy Lawyer. Experienced.
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Bank Of America has assigned us an " account Manager". We call

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Bank Of America has assigned us an " account Manager". We call this person everyday,get his voicemail , and he has not returned our call. Our house is about to go into forclosure with the auction set for Jan 25, 2012.
We applied for modification in 2009 . BOA sent a modification that reduced payment by about $300 ,but the payments went up in one year, so we were not given the Making HOme Affordable as we had thought, it was some kind of in house modification.
Our financial situation has changed some with increased income, and we spent a lot of money on the house on a major repair (black mold) thinking that we were going to be able to keep the house, but now that the payments nearly doubled, it will be difficult to make up the back payments.
We can afford the current payment now as we are renting part of the house out now, but the back payments are an issue.
I do not trust that this bank will work with us as promised so I would like to consider filing bankruptcy. Is this a good idea to delay the forclosure? How long can I expect the auction to be delayed? Are the courts willing to help homeowners at all with paying back the money if the banks won't?
Is this something I can myself as I cannot afford too much to hire an attorney right now. Is there a place I can go online that would help me figure out how to do it?
Welcome to JustAnswer,

So sorry to hear of this dilemma. If my answer is not clear to you, please ask me for clarification by using the reply button.

Unfortunately it is likely that the foreclosure will not be delayed unless you file a chapter 13 bankruptcy. 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 any 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 obtain the forms and file them yourself prior to the sale. After you file the petition, you will need to notify the plaintiff.

You can obtain the bankruptcy forms and information for self-help at this link:
http://www.azb.uscourts.gov/default.aspx?PID=78


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