How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask cfortunato Your Own Question

cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
14232603
Type Your Bankruptcy Law Question Here...
cfortunato is online now
A new question is answered every 9 seconds

I am a NJ resident for past several years. I am considering

Resolved Question:

I am a NJ resident for past several years. I am considering bankruptcy. I am working full time and can support my mortgage. There is no significant equity in the house which is my primary residence. Bought it 1 year ago.

If I am current on my primary residence mortgage payments, can I still loose the house? If I file for bankruptcy what will happen to my residence?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 1 year ago.

cfortunato :

Hi - my name is XXXXX XXXXX I am a Bankruptcy and Consumer Protection attorney here to assist you.

cfortunato :

If your home has no significant equity, filing a Bankruptcy will not cause you to lose your house.

Customer:

I am sorry, I just saw this message.

Customer:

So what will happen to the house? Will the bank / lender honor he BC as long as I am paying my mortgage?

cfortunato :

You would be risking the loss of your home only if your home had at least $22,000 or more in equity.

cfortunato :

And this amount is doubled if you are married.

cfortunato :

Nothing will happen to your house as long as you continue to pay your mortgage.

Customer:

I am married, so for example, if if the loan is 260000 the house is now worth 300 K, I am still OK.

cfortunato :

Your mortgage will not be affected by your Bankruptcy filing.

cfortunato :

Yes - if married, your available homestead exemption is $45,950.

Customer:

I recently applied for loan modification, no result yet but expect the answer this month, will that make any difference?. I will not be filing BC for at least 6 months.

cfortunato :

The bank will not process your loan modification request after your file a Bankruptcy, so it is better to complete that process before you file a Bankruptcy. mortgage - whether or not Once you file a Bankruptcy, the Bankruptcy will not affect your mortgage, whether or not your receive a modification.

cfortunato :

Typo: the last sentence should not have the first 4 words.

Customer:

My understanding is that if I am approved for loan modification, there will be trial period and once that is successfully completed, then they will make it permanent. Not sure how long this Trial period last. Any idea? Chase is the bank.

cfortunato :

Is your current mortgage less than one year old?

Customer:

It is one year.

cfortunato :

It is unlikely that you will be able to get a loan modification with a mortgage so recent.

Customer:

First statement dated 11/15/2012 payment due date was 12/01/2012.

Customer:

I should have waited? for a year? Once rejected, can I reapply for the modification?

cfortunato :

In general, loan modifications are for mortgages from before 2008.

cfortunato :

They are for properties that are under water - where the house is worth less than the balance of the mortgage.

Customer:

But that is Govt supported programs. I was told that Chase has its on programs. I am hoping to be benefited by one of those. But right now, all I needed to know that approved or not approved for my request to modification, this will not changing the fact that BC will not cause me to loose my house, correct?

cfortunato :

If your house is worth more than the balance of your mortgage, you may be able to re-finance your mortgage at a lower interest rate - but you will unlikely be able to get a loan modification.

Customer:

The interest rate is already a low rate 3.75.

cfortunato :

That is correct - filing a Bankruptcy will not cause you to lose your home.

Customer:

As always, thank you very much.

cfortunato :

The only concern for a Bankruptcy filing is the home's equity.

cfortunato :

You're welcome!

Customer:

None exist may be less then 10,000 As I just bought the house 1 year ago

cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and 2 other Bankruptcy Law Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
< Last | Next >
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
  • http://ww2.justanswer.com/uploads/TL/tleeders/2012-6-13_204815_TSL1.64x64.jpg Terry L.'s Avatar

    Terry L.

    Attorney

    Satisfied Customers:

    2204
    Better Business Bur 15yrs bankruptcy experience. Chicago Bar
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    950
    B.A.; M.B.A.; J.D.
  • http://ww2.justanswer.com/uploads/CO/cortrightlaw/2011-12-5_4117_Kevin.64x64.JPG cortrightlaw's Avatar

    cortrightlaw

    Attorney

    Satisfied Customers:

    490
    Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
  • http://ww2.justanswer.com/uploads/Jay1968/2006-12-03_004423_JoeRossPhoto.jpg JoeLawyer's Avatar

    JoeLawyer

    Attorney

    Satisfied Customers:

    376
    Attorney in the practice of Bankruptcy Law since 1996
  • http://ww2.justanswer.com/uploads/DY/Dylatess/2012-9-11_1968_BHBTemplePhoto.64x64.jpg dylatess's Avatar

    dylatess

    Attorney

    Satisfied Customers:

    370
    35 plus years of experience specializing in bankruptcy law
  • http://ww2.justanswer.com/uploads/US/USLawAnswers/2012-9-20_23143_20090105211638Headshot3b.64x64.jpg Brent Blanchard's Avatar

    Brent Blanchard

    Bankruptcy Attorney

    Satisfied Customers:

    315
    Twelve years experience in all aspects of debtor & creditor BK.
 
 
 

Related Bankruptcy Law Questions

Chat Now With A Bankruptcy Lawyer
cfortunato
cfortunato
Bankruptcy Lawyer
8023 Satisfied Customers
Bankruptcy professor.