Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarification
Do you want to keep the home?
yes, I been fighting for it for 3 years myself, file motions, answered all complaints, ect
You can file a chapter 13 bankruptcy, this would stop the sale
and force the bank to allow you to pay all the arrears over 60 months, as long as you pay the current monthly mortgage
If you are under water on the second or thirs loans,
you can discharge these through a chapter 13 bankruptcy
how about the sba loans
also what percent would we pay ont he arrears of what we owe
The SBA loans if secured by the house could only be discharged, if they are under water
you would have to pay 100% of the arrears over 60 months,
house is underwater
but you would be able to reduce your other debts as much as 90%
we don't have any credit cards or anything else
we are debt free but the house
since the house is underwater could we get the sba loans kicked off
than it could be possible the sba loans could be discharged,
also who figures out what the arrears are ?
3 years of payments is alot
if the home is worth $300,000 and the first mortgage is $300,000
all other mortgages, are unsecured and can be discharges
The arrears are computed from the first mortgage company
you would pay all arrears over 5 years,
there are 5 mortgages, first is 508k and then 126k and then 3 others for about 700k which the 3 are sba
the arrears of only the first mortgageg
how much is the home worth?
house is worth about low 500, high 400
Than you would have to pay the first mortgage,
and the rest can be lien stripped
if the house is appraised for $508 or less
monthly payment on the first mortgage is 2500 so would the bk judge take 2500 x 60
for what we missed on the payments for the last 3 years
you would pay the regular mortgage
and $90,000 of the arrears over 60 months
so an extra $1500 per month, with the rest discharge
who firgures out the arrears
the first bank has to provide the amount to the Court
what if we don't agree with it, that there is a mistake
than you can fight their claim in the bankruptcy court through an adversary proceeding,
also to hire a bk laywer what is the cost to do a case like this ?
for a chapter 13 expect $1500-$3000
ok, thanks so much.
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