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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I am fileing a Chapter 13. I have two propertys. I want to

Resolved Question:

I am fileing a Chapter 13. I have two propertys. I want to hold on to them. My lein holder will work with me and do a modification but only before I file the BK. After we file the BK they say I they will not be able to modify my loan and I will be sigining a afadavid so I am aware of that .. My attorney advises me not to file the remodafacation untill we file our BK.. I do not know what to do.. I need to do somthing this week. either way since I am behind on my rental the fileing will hold up the foreclosure which ever I file first. I just don't know whop is got my best intrest here ..Can you possibly advise or comment ?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 4 years ago.
*This chat is not intended as legal advice. It is general information that may or may not apply to your situation and should not be relied upon.*

Welcome to JustAnswer,

My name isXXXXX shall do whatever I possibly can to provide you with helpful information about the law. Please keep in mind that, although I am an attorney, I am prohibited from giving customers of the site legal advice or forming an attorney-client relationship on this forum.

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Why are you filing a chapter 13 bankruptcy?
What is your attorneys reason for holding off on the modification?
Customer: replied 4 years ago.

I'm filing due to a job that they did not pay me and a death in the family..In short..


My attorney says --it will delay my case untill it is completed because ? The trustee wants hard #'s. To figure my payments..

Expert:  Ellen replied 4 years ago.

Do you have credit card debt that is outstanding? Are you working now?
Customer: replied 4 years ago.
yes to both questions.
Expert:  Ellen replied 4 years ago.

I am going to open your question to the other experts. You have not been charged
Customer: replied 4 years ago.
Ok. I have to pick up my kids. Be back later..
Expert:  cfortunato replied 4 years ago.
Hi JACustomer,
1) What are the current market values of each property?
2) What are the mortgage balances for each property?
Customer: replied 4 years ago.

1. Current--$ 270,000 --Owe 385,000

2. " " --$ 395,000 to 4000,000 -- Owe $ 515,000

Expert:  cfortunato replied 4 years ago.

Last questions:

1) Which one is the rental property?

2) Does each property have only one mortgage? If not, what are the balances on each mortgage?

Customer: replied 4 years ago.

The rental--is $ 385,000 My parents rent from me. My mother just passed.

I am 4 months behind.. My dad will have to move out unless he wants to help out a little more. I've been making all there payments fro 12 years.


Both propertys have 2nd's on them . Approx my total debt. totals about 280,000 that includes sucured and unsecured ..

Expert:  cfortunato replied 4 years ago.

What are the balances of the 2 mortgages for the rental property?

What are the balances of the 2 mortgages for the residence?

Customer: replied 4 years ago.

Condo --$ 385,000 / 2nd. $ 25,000

My Res. $ 518,000 / 2nd. $ 125,000

Expert:  cfortunato replied 4 years ago.

Given the information you provided, you would be far better off filing a Chapter 13 Bankruptcy. This is because both second mortgages can be "crammed down". This means their balances can be discharged in your Chapter 13 Bankruptcy.

Additionally, the unsecured portion of the condo's first mortgage - $115,000 - can be discharged.

This is significantly better than what you could possibly expect from a modification.


I think this is what you wanted to know. If not, please let me know.
Thank you.

cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and 2 other Bankruptcy Law Specialists are ready to help you
Customer: replied 4 years ago.

Wow . I was told basicly that from my dad who is a retired bk attorney . But it's been a lot of years and things have changed. But after talking to my lien holder today she obviously has there intrest in hand.. And wants me to file the modification papers now.. I am meeting with my attorney this week and hopefully we will file by weeks end.. So I will concentrate on the fileing of my bk..


Thanks ,


I have to go now I'm late for a appointment..



Expert:  cfortunato replied 4 years ago.


But before you leave, please don't forget to hit the "ACCEPT" button.

Thank you!