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Ely
Ely, Counselor at Law
Category: Bankruptcy Law
Satisfied Customers: 87081
Experience:  Licensed attorney in private practice.
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I am filing a chapter 13 bankruptcy today to stop foreclosure

Resolved Question:

I am filing a chapter 13 bankruptcy today to stop foreclosure on my home.
they raised the mortgage (no ARM) by putting lender placed insurance
and calling mine insurance.

The question is i just found out I have a deficiency judgement of 250,000. can i include that and that only? Want to pay off my other debts and keep my rental house.

I felt that the home I live in should not have gone from 1,800 to 2600 am month due to lender placed insurance. Bank said they would modify and have not.
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  Ely replied 1 year ago.
Hello friend. My name is XXXXX XXXXX welcome to JustAnswer. Please note: (1) this is general information only, not legal advice, and, (2) there may be a slight delay between your follow ups and my replies.

I am very sorry for your situation.

The question is i just found out I have a deficiency judgement of 250,000. can i include that and that only? Want to pay off my other debts and keep my rental house.

The answer is yes, you can. It is the choice of the debtor as to what they wish to include in their chapter 13 bankruptcy filing - it can be all the debt that they own, or, only selected debts. So one may focus solely on the mortgage matter - this is not that unusual.

Also, please note: A Chapter 13 proceeding will allows one to force a reinstatement of the mortgage by catching up on delinquent payments over time. This is different than a Chapter 7 proceeding, which only delays the foreclosure but will not allow a reinstatement of the mortgage.

I hope this helps and clarifies. Best of luck.

Gentle Reminder: Please use the REPLY button to keep chatting, or RATE my answer when we are finished. Kindly rate my answer as one of the top three faces and then submit, as this is how I get credit for my time with you. Rating my answer the bottom two faces does not give me credit and reflects poorly on me, even if my answer is correct. I work very hard to formulate an informative and honest answer for you; please reciprocate my good faith. (You may always ask follow ups at no charge after rating.)
Customer: replied 1 year ago.


1 So even if they forced the payments to go up and I can prove that I had insurance and they cancelled it not once but twice.


 


2. Hopefully the judge will work with me on that. Have you found that to be the case?


 


3. The deficiency is for $319,740.71 at 8%, how do i write that up in the documents at the Federal court house today?


 


4. How do I find out if I have any other judgements or liens? Before I file Chapter 13 today? Forecloser sale is tomorrow and I need to stop it.


thanks


 


 

Expert:  Ely replied 1 year ago.
My sincere apologies for the wait, friend. There seems to have been a glitch.

1 So even if they forced the payments to go up and I can prove that I had insurance and they cancelled it not once but twice.

If you are filing for Ch. 13 bankruptcy, regardless of whether or not you had insurance or not, the mortgage shall be forced-re-installed, with payments that are worked out by the Court that are amicable to both you and the lender as much as possible. So if you file a Ch. 13, then it no longer matters whether or not you had insurance - the mortgage should be reinstated by the Court.

2. Hopefully the judge will work with me on that. Have you found that to be the case?

Yes - see above.

3. The deficiency is for $319,740.71 at 8%, how do i write that up in the documents at the Federal court house today?

I cannot tell you how to file for bankruptcy, for this is meant to be a general information site, only. For a general step by step, please see here. An attorney is recommended. If finances are an issue, I can recommend three resources. First, here is a list of all pro bono work in the state...

http://www.abanet.org/legalservices/probono/directory/georgia.html

…and another list:

http://www.lawhelp.org

Finally, you may call your local law school and see if they have a legal clinic place available. The legal clinic is a free service the school(s) provide to the community. While they are often overbooked, they have openings sometimes. Here is the list law schools in your state:

http://www.hg.org/law-schools-georgia.asp

4. How do I find out if I have any other judgements or liens? Before I file Chapter 13 today? Forecloser sale is tomorrow and I need to stop it.

You can call your clerk of court in the county that you are in - <a href="here">here - and ask to speak with the record department and run a search for your name to see if there are any outstanding judgments.

I hope this helps and clarifies. Best of luck.

Please note: I aim to give you genuine information and not necessarily to tell you only what you wish to hear. Please, rate me on the quality of my information and do not punish me for my honesty. I understand that hearing things less than optimal is not easy, and I empathize.

Gentle Reminder: Please use the REPLY button to keep chatting, or RATE and submit your rating when we are finished.
Ely, Counselor at Law
Category: Bankruptcy Law
Satisfied Customers: 87081
Experience: Licensed attorney in private practice.
Ely and 2 other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.


what about adding additional liens if I find one. How long do I have to add, after I file today?


 


I cannot get equifax to report today and have to order it


 


regards,


Laura

Expert:  Ely replied 1 year ago.
Hello,

What county are you in?
Customer: replied 1 year ago.

i am filing in atlanta georgia right now.

Expert:  Ely replied 1 year ago.
Thank you.

You can use this link here, and scroll down to LIEN INDEX, click by name, and search.
Customer: replied 1 year ago.

I have lived all over the place


california


florida


georgia


 


I just want to know if I can add another lien if I find one on equifax.


might be one from a lawyer from california.


might be a cc from florida.

Expert:  Ely replied 1 year ago.
Laura,

You can add any lien from any state if you have it, in the BK proceedings - yes.
Customer: replied 1 year ago.

So I can go file today and add a lien


next week?


 


just want to be clear before I run out the door!


 


thanks so much I am so stressed losing my home. I put ;75,000 down on this house and it was a fixed monthly payment. This is not buy a house and get rich..l saved for 20 years to get this home. So THANK you so much.

Expert:  Ely replied 1 year ago.
You are very welcome. I can understand the stress. Best of luck.
Ely, Counselor at Law
Category: Bankruptcy Law
Satisfied Customers: 87081
Experience: Licensed attorney in private practice.
Ely and 2 other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.


So what is the next step?
I need to add more of the liens, if I find any.


How much time do I have to do that?


Can I now call the bank and ask them if they are going to the modification?


And if they do, can I drop a Chapter 13 filing?


 


Laura


I do have other liens I would like to get rid of too though

Expert:  Ely replied 1 year ago.
Thank you for your follow up.

You can "drop" a Chapter 13 filing, yes.

So what is the next step?

I cannot walk you through filing a chapter 13 bankruptcy, I am afraid. However, the following link may prove useful:

http://www.nolo.com/legal-encyclopedia/steps-chapter-13-bankruptcy-case.html

You may indeed discuss modification with the bank - it is negotiating - and it does not hurt to ask at all.

You may add any other liens you want, of course, if you find them.
Customer: replied 1 year ago.


Any specific place I can find an example of a Chapter 13 Plan?


for Northern Georgia.


 


I do not see one on their website.


And I have to tell the courts what I want to pay each creditor?


or I just give them the general parameters?


Not clear on what is suppose to go in a Chapter 13 Plan

Expert:  Ely replied 1 year ago.
Hello friend,

It is not recommended to file for bankruptcy without counsel, as doing so may end up hurting you more than benefiting you. Many BK attorneys will work on a payment plan with you.

And I have to tell the courts what I want to pay each creditor?

No - the court decides this for you. To see more about how Chapter 13 works, see here.
Customer: replied 1 year ago.


Met with several and they want $4,500.00 to start.


any suggestions on where to find one.


And I have to file stuff today.


thanks for the advice, but if I pay a lawyer I will have no money to move.


and I do not want to be homeless.

Expert:  Ely replied 1 year ago.
May I recommend the GA Bar referral programs - here. The attorneys are vetted and qualified. You should be able to find an attorney you are confident with and whom you can trust, and who is available ASAP.

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