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LawTalk
LawTalk, Attorney
Category: Real Estate Law
Satisfied Customers: 35352
Experience:  I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
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I owe $55,000 in arrears mortgage. I am employed. I

Customer Question

I owe $55,000 in arrears for my mortgage. I am employed. I want to work out a re-payment plan with the Bank but they refuse. A housing counselor (I have been repeatedly turned down for a loan modification) today suggested I file for Chap. 13 bankruptcy. I am mortified at the thought. What could hiring an attorney do to help me stay in my home.
Thank you.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  LawTalk replied 1 year ago.
Good afternoon,
I'm Doug, and I'm very sorry to hear of your situation. My goal is to provide you with excellent service today.
If by hiring an attorney you mean for the purpose of trying to force the lender to accept new terms on the loan, then you would be throwing good money after bad.
While the idea of bankruptcy may seem incomprehensible, it is not all that bad and would be perhaps the only way that you will be able to keep your home. Do keep in mind though that all the arrears would have to be paid back within the 5 year period of your Chapter 13 bankruptcy, and if you don't earn enough income to do that, and stay current on your mortgage from the time you file for bankruptcy, then even bankruptcy would not be of help to you.
You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.
Kindly, remember to rate my service to you. That is how I am credited for assisting you.
I wish you and yours the best in 2015,
Doug
Expert:  LawTalk replied 1 year ago.
Good afternoon,
This seems like a very serious situation for you, and your questions and issues suggest that an in-depth conversation might better suit your needs. If you are interested, I can offer you a phone conference as opposed to continuing in this question and answer thread. I will make that offer to you after I get this posted to your question thread. All you need do is accept the offer if you would like me to call.
However, if I have answered all of your questions, please do rate my service to you.
Thanks in advance,
Doug

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