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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15649
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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A well-known mortgage company in US who hold a mortgage on

Resolved Question:

A well-known mortgage company in US who hold a mortgage on my property in US filed for bankruptcy; Do it still have to pay for the existing mortgage? How does it affect my existing mortgage?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 1 year ago.

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 clarification

WALLSTREETESQ :

This is a common question,

WALLSTREETESQ :

the mortgage you have with the bank is still valid, and you would have to pay the debt, the bankruptcy court would receive the funds in most cases,

WALLSTREETESQ :

Typically the lender will provide you a new address to send the payments,

WALLSTREETESQ :

if they sold or assigned the mortgage to another lender, or it is now with the court.

Customer:

Does it have anyway to help to reduce the o/s loan in this case?

WALLSTREETESQ :

It is possible they may try to work out a modification, however their bankruptcy filling,

WALLSTREETESQ :

in most cases has no real affect on you,

Customer:

It looks like they gave me a new company to send the money to. I still don';t know if it is legitimate company to send the money to

Customer:

How to apply to modidfy the loan now as the o/s loan is higher than the value of the propery?

WALLSTREETESQ :

you should contact the new company, and see if they will work out a deal with you,

WALLSTREETESQ :

the new lenders may do this,

WALLSTREETESQ :

In terms of a modification the best program is the HAMP program, through the government

Customer:

It sent the money to the previous company but the payment was sent back to me. How does it affect my credit?

WALLSTREETESQ :

It should not in any way hurt your credit, if it does you can sue them.

WALLSTREETESQ :

They have to provide you the proper address to send the funds.

Customer:

If I don't pay the mortgage to the new company, what would happen?

WALLSTREETESQ :

eventually the will try to foreclose, however in the meantime they may try to modify the loan for you,

WALLSTREETESQ :

if you miss a few payments, they may think you need financial assistance, and work out a deal,

Customer:

What should be the best approach in this case as the mortgage company goes bankruptcy?

WALLSTREETESQ :

I would pay the mortgage, and try to get a modification from the new lender,

WALLSTREETESQ :

if that fails, and you cannot pay the existing mortgage,

WALLSTREETESQ :

stop making payments and work out a modification,

WALLSTREETESQ :

if that fails, you can file a chapter 13 in a year,

Customer:

will it cost more in that case based on your previous experience?

WALLSTREETESQ :

and force the lender to accept a payment plan for the arrears or missed mortgage payments,

WALLSTREETESQ :

no,,

Customer:

what do you mean a modification? reducing o/s loan?

WALLSTREETESQ :

yes, you would try to modify or reduce the loan

Customer:

As I still have some other properties, will they go after other property if i fail pay the mortage on this property?

WALLSTREETESQ :

that would take time,

WALLSTREETESQ :

they would have to sue you and obtain a judgment against you,

WALLSTREETESQ :

you should consider changing the deed on the other properties to protect the,

WALLSTREETESQ :

them

Customer:

In other to negotiate with the lender, Can I do it by myself or need help by professional?

WALLSTREETESQ :

you should try yourself,

WALLSTREETESQ :

if that does not work you can hire an attorney, but most can do this by themselves

Customer:

As I am not living in US, will the makinghome affordable program works for non citizen & non resident mortgagor/borrower?

WALLSTREETESQ :

It would only apply to a primary resiidence,

WALLSTREETESQ :

not an investment property

Customer:

What would be the best soluction to deal with an property with a high o/s mortgage and line of credit ?

Customer:

overvalued while I still own other properties with good credit profile.

Customer:

I meant overvalued property due to the market down turn.

WALLSTREETESQ :

If you cannot do a modification or refinance, you may want to sell the property.

WALLSTREETESQ :

through a short sale,

Customer:

Short sale? applicable to non-resident?

WALLSTREETESQ :

yes,

WALLSTREETESQ :

a short sale can be given to any party,

Customer:

hurt credit?

Customer:

will it affect other properties?

WALLSTREETESQ :

It could hurt your credit, it will not affect your other properties

Customer:

does it mean that I am able to get rid of the overvalued properties through short sales and does not affect other properties? will the lender go after the balance due to short sales?

WALLSTREETESQ :

no, as partof a short sale the lender agrees not to sue you for the balance.

Customer:

How to apply for a short sale?

Customer:

or the strategy to get a short sale?

WALLSTREETESQ :

you just contact the lender

WALLSTREETESQ :

and advise them you want to do a short sale,

WALLSTREETESQ :

a broker can do this as well,

Customer:

Could I stop paying the monthly mortgage pymt?

Customer:

What is your usual advise to deal with valued properties to your clients?

WALLSTREETESQ :

yes, you can stop,

WALLSTREETESQ :

i would suggest a short sale

Customer:

Thank you very much for your time and patience.

WALLSTREETESQ :

Good luck, and if satisfied with our service please provide us with positive feedback.

Customer:

very much. Thanks

WALLSTREETESQ :

good luck

WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15649
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
WALLSTREETESQ and 4 other Bankruptcy Law Specialists are ready to help you

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