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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2897
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I Finished bankruptcy payments in February of 2008. Mortgage

Resolved Question:

I Finished bankruptcy payments in February of 2008. Mortgage company changed. Contacted Mortgage company about starting payments and my records were still in Bankruptcy area and could not make a payments. Got run around from mortgage company until receiving a statement around October stating that I owed about $5000. In December I was set up on a payment plan (Forbearance) to bring my account current and pay my current installments. In May, missed a payment and tried to make the payment in June. I was told my mortgage was taken out of Forbearance and I had to renegotiate a new agreement. I was given the run around and finally got someone to find out who was handling my account and they said that I could not leave a message or speak with this person, but this person would call me back. I never received any calls or messages from my mortgage company and called them again in July. I was told my mortgage was accelerated and now totally due and I need to refinance in order to pay them their money. I need to know what options I have because I have a balloon payment that would be due with my current loan soon and need to refinance anyway if I am going to keep my house.
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 8 years ago.

Your best option may be to just look into refinancing with another lender or seeing if the current lender can offer a loan modification. IS your bankruptcy over? If not, then you would need approval of the proposed refi/loan mod. by the court, before it can be finalized. Your attorney can bring the appropriate motion.   You may have success checking with the mortgage company's attorney (that filed the claim in the bankruptcy) to get you the information about who owns the loan now. Normally, my clients and I receive notification of the transfer, and directions on where to send future payments. Since you have a balloon, it may be advisable to take advantage of the current loan interest rates available, and maybe you can get into a decent 30 yr traditional loan. Best of luck.
Customer: replied 8 years ago.
My bankruptcy was discharged in June of 2008. Is your advice still the same?
Expert:  Terry L. replied 8 years ago.
Yes it is. You just don't need court approval anymore!!
Look into a refinance or loan modification.
Terry L. and other Bankruptcy Law Specialists are ready to help you