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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15254
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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Hello, I was in the process of foreclosure and working to modify

Resolved Question:

Hello, I was in the process of foreclosure and working to modify my loan. The sale date was in a few days so I filled for Chapter 13 Bankruptcy. If I still get the home loan modified to a reasonable payment, do I have the right/chance to withdraw from the Bankruptcy?
Submitted: 6 months ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 6 months ago.

WALLSTREETESQ :

this is a common issue,

WALLSTREETESQ :

if you obtain a loan modification, you can file a motion to withdraw your bankruptcy and you would be able to get the case dismissed without much issue,

WALLSTREETESQ :

you can also stop making payments to the trustee or stop attending hearings and the court will dismiss the case so you do not have to file the motion.

Customer:

What will happen to all the fees and lawyer fees? will they be needed to be paid soon after?

Customer:

I would be able to afford the payments but I am not sure if I could handle all the fees soonafter

WALLSTREETESQ :

you could continue or refile at a later date,

WALLSTREETESQ :

however, the option is available that you can drop the case at anytime since it is a chapter 13 payment plan

Customer:

you can also stop making payments to the trustee or stop attending hearings and the court will dismiss the case so you do not have to file the motion? So, If I stopped everything pertaining to the bankruptcy it would be automatic dismissed? and i could just continue with the payments on the mortgage?

WALLSTREETESQ :

yes,

WALLSTREETESQ :

the trustee would file a motion to dismiss and the case would be dismissed,

WALLSTREETESQ :

50% of chapter 13 cases filed are usually dismissed,

WALLSTREETESQ :

as most debtors cannot pay the payments through the plan so it is common.

WALLSTREETESQ :

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

Customer:

will that have a negative affect on me the debtor?

WALLSTREETESQ :

If satisfied please provide us with positive feedback

WALLSTREETESQ :

no,

WALLSTREETESQ :

however, the bankruptcy filing would still appear on your credit score

Customer:

Do you know what would usually happen with the(Plaintiffs) lawyer fees after I received my modification and the case dismissed

WALLSTREETESQ :

you would not be liable,

WALLSTREETESQ :

they are stuck with them,

WALLSTREETESQ :

it is your legal right to withdraw or have your case dismissed

Customer:

For the Foreclosure not the Bankruptcy ?

WALLSTREETESQ :

the legal fees of the mortgage company, can be charged to you,

WALLSTREETESQ :

however, in your modification you should ask them to waive them

Customer:

One more question and i should be done

WALLSTREETESQ :

ok

Customer:

What if any legal action could be taken upon me once my loan modification and case is dismissed is complete either by filing a motion or with the stopping of payment to the trustee and court appearances

WALLSTREETESQ :

the case would be dismissed,

WALLSTREETESQ :

and the other creditors, would be able to sue you if you owe any other debts,

WALLSTREETESQ :

also the lender could restart the foreclosure process,

WALLSTREETESQ :

so if you stop the foreclosure, make sure they will withdraw their foreclosure lawsuit

Customer:

would I do that while working on the modification or do I need lawyer assistance

WALLSTREETESQ :

you could do it by yourself,

WALLSTREETESQ :

and after the modification is completed, have an attorney review it, so you know what your rights are.

Customer:

Thank you, XXXXX XXXXX Are they more likely to withdraw the lawsuit then not?

WALLSTREETESQ :

not unless the modification is approved and accepted by them, if it is, they should withdraw the foreclosure suit.

WALLSTREETESQ :

worst case you can refile a chapter 13 again if they try to sue you

Customer:

Okay, Thank you very much for your Help. It is much appreciated

WALLSTREETESQ :

good luck,

WALLSTREETESQ :

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

WALLSTREETESQ :

If satisfied please provide us with positive feedback, thank you

Customer:

Thanks would i be able to talk directly to you on a later date if need be?

WALLSTREETESQ :

yes, you can ask for wallstreet esq and I will answer your questions

Customer:

Okay, Thanks. Have a good day

WALLSTREETESQ :

thank you

WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15254
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
WALLSTREETESQ and other Bankruptcy Law Specialists are ready to help you

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