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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17080
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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if a house was discharged in chapter 7 bankruptcy and then

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if a house was discharged in chapter 7 bankruptcy and then mortgage mediation is offered, what rights/options do the homeowner now have?


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 clarificati on

WALLSTREETESQ :

Since the mortgage was discharged, the homeowner at this point has all the leverage, they do not have to accept any modification agreement,

WALLSTREETESQ :

the lender will have to make the terms good for the homeowner, since the debt has been discharged, they cannot hold the homeowner liable.

WALLSTREETESQ :

Also, if the homeowner signs a new modification, and defaults later, most courts would not allow them to sue the homeowner as the original mortgae was discharged.

Customer:

What i would like is to have them decrease the principal, drop the interest rate and extend the mortgage to 30 years? so i should stand firm with this request at the mediation?

WALLSTREETESQ :

yes, that is best you can advise them if they do not offer it to you, then you will leave, and since they cannot sue you they have no other choice,

Customer:

OK thank you. Any advice you can offer me, I'm going into the mediation in the morning?

WALLSTREETESQ :

You should advise them the amount you can pay monthly,

WALLSTREETESQ :

and state you are in no need to keep the home,

WALLSTREETESQ :

as you already filed bankruptcy and see what they will do to help you

Customer:

Thank you, XXXXX XXXXX have not given me any clue that they are abreast of the discharge, which took place almost a year ago now

WALLSTREETESQ :

You can show them the discharge letter,

WALLSTREETESQ :

they should have known of this,

WALLSTREETESQ :

If you have any further questions please do not hesitate to ask.

WALLSTREETESQ :

If satisfied please provide us with positive feedback, thank you.

Customer:

will do. thank you again. good evening

WALLSTREETESQ :

good luck

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