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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17082
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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Goodmorning, I was just issued a packet & docket # XXXXX the

This answer was rated:

Goodmorning,
I was just issued a packet & docket # XXXXX the mail for a pending foreclosure. My question is: I claimed bankruptcy and did not reaffirm the mortgage, although I continued to make the mortgage payment for several months before I was no longer able too (lack of work). It has been a couple years now and the bank is finally foreclosing. Does my bankruptcy offer me any protection? and what can I expect to happen?

Thank you,
Nervous

WALLSTREETESQ :

Since you filed bankruptcy and discharged the mortgage, you cannot be held liable for any

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judgment the lender may get against you.

WALLSTREETESQ :

If you want to stop the foreclosure now, you can file a chapter 13 and stop the sale, if you can pay the monthly mortgage and arrears,

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Also, you can contact the lender as well and advise them you will agree to deed over the home to them to avoid the foreclosure,

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they should accept it.

WALLSTREETESQ :

Since you did not reaffirm the mortgage, you must have let it get discharged, so you would not be liable for it after the foreclosure,

WALLSTREETESQ :

A foreclosure will take several months, so you can live in the home for a few more months without paying the mortgage as well,

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

Customer:

Thank you for responding, just one final question.Even after receiving a docket # XXXXX the banks attorney I still have time to contact them and deed over the property?

WALLSTREETESQ :

yes,

WALLSTREETESQ :

they should want to avoid the legal costs and time it takes for a foreclosure,

Customer:

Thank you, XXXXX XXXXX do that. Very helpful.

WALLSTREETESQ :

you can advise them you are willing to do a deed in lieu,

WALLSTREETESQ :

which is when you deed over the home to them, to avoid a foreclosure,

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that is to their benefit.

Customer:

Do I deal with the bank or their attorney at this point

WALLSTREETESQ :

You should first contact the attorney.

Customer:

Thanks again

WALLSTREETESQ :

They should deal with it.

WALLSTREETESQ :

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