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cfortunato, Attorney
Category: Bankruptcy Law
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Experience:  Bankruptcy professor.
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Received my bankruptcy "Discharge" in March 2011. It closed

Resolved Question:

Received my bankruptcy "Discharge" in March 2011. It closed Dec.7 2011. Court Trustee stated the facts to me. If you want to sta in the house make a deal with Bank of Amer. If not walk away and they can't come after me.

My question is: In the nine months between March and Dec., was that the window of oppertunity for the Bank to collect from me? Is the $180,000 debt off the proverbial table?
Tom in Tucson, AZ
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 4 years ago.
Expert:  cfortunato replied 4 years ago.
Hi JACustomer,
Your debt was "off the table", and uncollectible as soon as your Bankruptcy was discharged (March 2011). Are you asking if the mortgage lien is also "off the table"? In other words, are you asking if the mortgage company can foreclose your house if the mortgage is not being paid?
Customer: replied 4 years ago.

No, I am not asking if they can foreclose. I know they can. They want to sell the house at auction as Fanny M (?) is holding the note and doesn't care about people, only money. So be it!


They made a loan modification offer, a monthly payment of $938 / month ( down from $1500) but were quick to inform me that the term of the $180,000 loan was still in effect. According to what you and the Court Trustee told me, I don't believe that's accurate.


I want to make a counter offer. Do you suppose they are receptive to offers?

Expert:  cfortunato replied 4 years ago.

The terms of the original mortgage loan are still in effect in the sense that they can require fulfillment of the original terms to prevent a foreclosure sale. They cannot sue you in court for any portion of the mortgage balance - whether or not the house forecloses.

You absolutely can make a counter-offer. Whether or not they will be receptive will depend largely on whether you can prove that you can abide by the new terms - whether you have enough income to pay the new mortgage amount - and also on what your house can realistically sell for.

If your counter-offer is close to the current market value of your house, and if you are able to pay the new amount, then the mortgage company should be receptive to your counter-offer.


I think this is what you wanted to know. If not, please let me know.
Thank you.
cfortunato and other Bankruptcy Law Specialists are ready to help you
Customer: replied 4 years ago.

I want to make a counter offer but to whom? B of A or Fanny Who?


If the shoe was on the other foot and the bank was to buy my house, would they be offering market value or would they tell me the house is only worth X amout of dollars at auction and that's what we're willing to pay. Buy cheap and sell high, right?


Also, to whom would I make the offer to, B of A or Fanny M- - ? Fanny's holding the note. I guess they'er the 3 rd party. Tom

Expert:  cfortunato replied 4 years ago.
You would make the counter offer to BoA if they are the ones who sent you the paperwork for the modification.
If the balance on your mortgage is more than the market value of your
home, it won't make a difference if BoA buys the home for less than the
market value - as there will be no deficiency judgment (because of your
Customer: replied 4 years ago.


In what office or where would you suggest I look to learn of, determine or find out what my 1180 Sq. Ft. house might sell for at auction? With that figure I could base a my counter offer. Any suggestions? TW

Expert:  cfortunato replied 4 years ago.
Yes - the best place I know of to get a good idea of what a house can sell for is You can get an estimate for your house, and also find out what other similar houses in your area have sold for.
Customer: replied 4 years ago.


Your a peach! Thank You

Customer: replied 4 years ago.

Miss Fortunato

I will attempt to scan 2 copies of the offer sent to me by B of A.


Sorry, my computer skills are lacking and I am unable to transfer the scanned copies from my PC to this note to you at Ask. Is it possible to fax to you?


In the offer made to me by B of A they said in two different places in their letter / offer that "Your current loan documents remain in effect". But the Bank is well aware of the bankruptcy. My question for you is; are they not in violation of Federal Bankruptcy Laws now? That they would even mention the original loan?


I do wish I could communicate these two portions of their letter to you as things must be coming across as vague to you. They're even vague to me and I'm the one creating this note.

Say, you don't happen to live near Tucson,AZ do you? I could use your Office, Thanks Tom Willard.

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