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Fritz
Fritz, Attorney
Category: Bankruptcy Law
Satisfied Customers: 302
Experience:  Florida attorney with extensive experience in Chapter 7 and Chapter 13 consumer bankruptcy cases
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My father in law has been tied up with a chapter 7 and a lawsuit

Resolved Question:

My father in law has been tied up with a chapter 7 and a lawsuit with his ex-business partner. We just reached a settlement agreement with both the ex-partner and trustee. Unfortunately, we had let the mortgage go since we thought the house would be lost in the suit (there was a lien). With the $150k settlements, we cannot pay the $40k in arrears right away. The mortgage holder filed for a relief of stay and our lawyer was just asked to meet with the judge on Friday to discuss. We have applied for a mortgage to buy the property from my father in law (pending) and also was rejected for a modification. Is there any way to delay the stay further to give us a chance to secure financing?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  Fritz replied 1 year ago.

Fritz :

Hi, I'd like to assist you with your bankruptcy questions this afternoon.

Fritz :

The obvious answer (that may or may not work for your father-in-law, depending on his particular financial situation) would simply be to convert to Chapter 13 and pay the mortgage arrears through the Chapter 13 Plan over 3 or 5 years.

Fritz :

This would also buy time.

Fritz :

To qualify for Chapter 13, your father-in-law must have unsecured debts of $336,900 or less and secured debts of $1,010,650 or less.

Fritz :

Alternatively, you could contact the Trustee to explain the situation. The Trustee would typically negotiate the terms of sale with your and/or your broker, which could take some time. The Trustee would likely object to the mortgage lender being granted stay relief while you were attempting good faith negotiations to purchase the property from the estate.

Fritz :

Another viable alternative (although not the best course of action from your father-in-law's point of view) might be to simply allow the bank to obtain relief from stay and foreclose on the property, then purchase the property at the foreclosure sale.

Fritz :

Please let me know if you have any additional questions.

Fritz :

Thank you, XXXXX XXXXX luck!

Fritz, Attorney
Category: Bankruptcy Law
Satisfied Customers: 302
Experience: Florida attorney with extensive experience in Chapter 7 and Chapter 13 consumer bankruptcy cases
Fritz and 2 other Bankruptcy Law Specialists are ready to help you
Expert:  Fritz replied 1 year ago.
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