Real Estate Law
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Hello and thank you for your question. I am an Illinois licensed Attorney and it will be my pleasure to assist you today.
My lean holder is filing chaper 13 do I need to do anything? Will I lose my house?
You are correct they filed bankruptcy. Just to clarify they filed Chapter 11.
No, you will not lose your home.
This is a reorganization of liabilities. GMAC is not closing or liquidating their assets as would happen under Chapter 7. Keep making your mortgage payments as nothing will change on your end and your loan will remain the same. In all likelihood your mortgage will transferred for servicing in the future.
I hope that I have addressed your concerns and put your mind at ease.
Please do not hesitate to ask me any additional questions that you may have with regard to this matter. It would be my pleasure to continue to assist you.
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