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Ask WALLSTREETESQ Your Own Question
Category: Bankruptcy Law
Satisfied Customers: 17252
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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mers assign mortage after bank already started with foreclouser

Customer Question

mers assign mortage after bank already started with foreclouser had tofile chapter 7 to slow it down what to do now thank you
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 6 years ago.


Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on.


If you cannot afford the mortgage, the chapter 7 will stop a foreclosure and discharge the liability you will have on any mortgage deficiency.


If you can pay the monthly mortgage, but are behind several months, you can convert to a chapter 13 bankruptcy and the Court would force the bank to accept a 60 month payment plan for the arrears however you would have to pay the current monthly mortgage.