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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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Im planning on doing a chapter 13 because I have two properties that are of course w

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I'm planning on doing a chapter 13 because I have two properties that are of course way upside down. Both will cash flow. I have a condo in St Paul, MN. that I'm worried about. Mortgage is 88k current appraisal is 30k. MY Q: It is in the redemption period. Sheriff sale has happened. It it too late to cram it down and keep it. It will cash flow with a principle only payment only over 60 months. Is it too late....I've asked many attorney's and no one knows the answer...weird! Who is smarter then the average attorney? LOL.

So sorry to hear of your difficult situation. If my answer is not clear to you, I encourage you to ask me for clarification by using the reply button.

Unfortunately you cannot do a chapter 13 bankruptcy to reinstate the mortgage after the foreclosure has occurred. This is true even though you are still in the redemption period. The chapter 13 is required to be filed prior to the sale date

I realize that this answer may not be entirely to your liking, and I regret being the bearer of information that you really don’t want to hear. But it would be unfair to you and unprofessional of me were I to provide you with anything less than truthful and honest information. I hope you understand.
Ellen and other Bankruptcy Law Specialists are ready to help you
Customer: replied 6 years ago.
Just wanted to say thanks....was very frusterated with aother atorneys lack of knowledge. I was looking for the truth....I got it. I'm a realest. Need to make decisions based on reality. I can now mo ve forward.
Thanks again.
Thank you for that post-- best wishes for success