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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17080
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 foreclosure question. I fell behind on my equity line

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I have a foreclosure question. I fell behind on my equity line but am current on my first mtg. I was trying for months to negotiate with the bank holding the equity line with no luck. Just got the accelerated foreclosure notice in the mail today. Can they foreclose when my first mtg is current?I filed for and received a chapter 7 last March.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

WALLSTREETESQ :

Is their any equity in your home?

WALLSTREETESQ :

Dis you list the home in your bankruptcy?

WALLSTREETESQ :

did you list the home?

WALLSTREETESQ :

In reality, if their is no equity, in the property the second will not get anything from a foreclosure,

WALLSTREETESQ :

if their is equity they will try to foreclose, but it is rare, as the first will be paid first, and they will only receive the remainder,

Customer: replied 5 years ago.

There is some equity but not much.

yes

yes

If it did go for enough money I would lose the house and I would like to avoid this. I only have one month to do something before the sale. I am working again so I can afford the payments if they will let me catch up. I have never negotiated a mtg in this situation before. Any suggestions ?

You could file a chapter 13 bankruptcy if you will have a 100% plan, even if you filed a chapter 7 recently.

By filing the chapter 13, you can have the arrears paid over 60 months, and continue to pay the equity loan.
WALLSTREETESQ and other Bankruptcy Law Specialists are ready to help you
Customer: replied 5 years ago.
Filing chapter 13 would stop the foreclosure?
Customer: replied 5 years ago.
Will filing chapter 13 stop the foreclosure next month?
Yes, a chapter 13 bankruptcy would stop all legal actions. You can file an emergency petition within a few days, once you file all civil actions and the foreclosure must stop, just make sure you advise the parties you filed
Customer: replied 5 years ago.
Thank you. I will try negotiating with the law firm first and file the chapter 13 if that goes nowhere. They did list a 12 month plan on their web site along with 2, 4 and 6 month plans.