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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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If you file a chapter 7 bankruptcy can you keep your primary

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If you file a chapter 7 bankruptcy can you keep your primary residence if it is your only home and if so can they also modify the payments to be more affordable?

cfortunato :

Hi - my name is XXXXX XXXXX I'm a Bankruptcy attorney here to assist you.

cfortunato :

1) Have you lived in Washington state continuously for the past 2 years?

Customer:

yes

cfortunato :

2) What is the current market value of your home?

cfortunato :

3) What is the balance on the mortgage?

Customer:

150,000

Customer:

there is a first and a second 1st 153,000 2nd 65,000

cfortunato :

Thank you for your responses.

cfortunato :

Given the information you provided, you would be able to keep your home if you file a Bankruptcy - if, and only if, you continue to pay the mortgages.

cfortunato :

A Bankruptcy cannot modify mortgage payments.

Customer:

both mortgages are behind though

cfortunato :

However, if you file a Chapter 13 Bankruptcy instead of a Chapter 7, you will be able to have the entire balance of the second mortgage discharged at the end of the Chapter 13.

cfortunato :

So that you will only have to pay the first mortgage to keep your home.

cfortunato :

Are you able to pay the first mortgage only?

Customer:

we could for sure pay the first only

Customer:

they are both with the same company does that matter

cfortunato :

Then you should consider filing a Chapter 13.

cfortunato :

No - it does not matter that both mortgages are from the same company.

Customer:

great thank you so much I appreciate it

cfortunato :

You're welcome!

cfortunato and 2 other Bankruptcy Law Specialists are ready to help you