Hi - thanks for looking me up!
If your husband is the only one on the note/mortgage, then he could file himself without you.
If you file a chapter 13 bankruptcy, you can re-organize the debt and reduce your monthly obligation by extending the terms of the loan. However, you cannot cram down or reduce the amount owed IF this house is your primary residence. Cram down options are only available with second homes/investment properties, etc.
If you were to sue the lender for predatory lending and win, then there certainly would be a basis to try and reduce interest, charges, etc. - - but winning these types of cases is very, very difficult to do.
We rent it for the Summer season even though it is our primary residence. Would that make a difference?
But, if you file bankruptcy, your attorney can discuss the claims with the trustee and try to pursue the claim through your bankruptcy.
IF the house is your primary residence, then it is not going to eligible for a cram down.
Good to hear that. Could we still do a short sale if needed when in bankruptcy?
There really would be no need.
If you decided you didn't want to keep the home, you'd just let it go and the lender could foreclose. Any deficiency would be considered an unsecured debt and should be discharged as such.
So I am getting that the best way to negotiate with the bank is after claiming chapter 13 bankruptcy
That'll put you in the driver's seat.
It will also stop any foreclosure proceedings.
We have only been told that we have to pay the tier mortgage price and the arears over 5 yrs. No change in that.
Am i not understanding this correctly?
You don't have to pay the ENTIRE mortgage over 5 years.
I mean the old higher monthly payment and the fees, interest ect divided over 5 years. Will those amounts also be negotiated by our lawyer with the bank?
The arrearage generally should be paid during the 5 year period, but you can extend the mortgage loan 30, 40, 50 years and make payments based on that calculation/amoritization.
Yes, your attorney would negotiate that with the lender.
You have given me some hope.
Would you recommend a really good bankruptcy lawyer in nj or doesn't it matter?
It's an overwhelming situation, but you can navigate through it.
The best option is to visit www.martindale.com and search for a bankruptcy lawyer in your area. The attorneys listed on the site are the best of the best as voted by peers and clients.
When you go to the site, click on "Find a Lawyer or Law Firm" and enter your relevant search information.
Just so you know they offer short sale for 458 net just last week.
We were at 550,000 now at 670,000
The best option is likely to consult a local bankruptcy attorney, review your information and then make a decision about how to proceed.
The property could sell for 699,000 to 875,000. I want to get our retirement out of here or
at least 150 to 200 thousand.
I can understand that for sure.
It is alot to loose.
It is, and if you can maintain a chapter 13 and get a discharge in 5 years or so, you can save your property and its equity.
Thank you, XXXXX XXXXX is invaluable:) Have a great day.
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