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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2900
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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My property was dismissed in bankrupcy court but I have continued

Resolved Question:

My property was dismissed in bankrupcy court but I have continued to pay. I now find it impossible to continue paying /how should I handle my transition?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 6 years ago.

Terry L. :

Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.

Terry L. :

So, you filed chapter 7 and did not reaffirm, is what I can tell.

Terry L. :

The mortgage is discharged. Generally, you can keep the home if you stay current on the loan payments.

Terry L. :

You can talk to the lender to see what terms you can work out, you are free to continue to try loan modification.

Terry L. :

Otherwise, do what you can to stay current, you may be able to refinance down the line (puts you back on the hook with the lender). Or you can sell, or you can walk away and not owe another dime.

Terry L. :

See what the lender can do for you, then make your decision

Customer:

is my best bet to stay for 6 or 7 months to accumulate cash and be able to rent an apt?

Customer:

Is it better to be in negotiations with the bank , while I accumulate cash?

Terry L. :

sure

Terry L. :

you can live there without paying rent until the foreclosure is complete

Terry L. :

if you have a HOA you are responsible for payments until foreclosed

Terry L. :

that is up to you

Terry L. :

If you have any other questions, please let me knwo.

Terry L. :

know

Terry L. :

Thanks for your question, good luck.

Terry L. and other Bankruptcy Law Specialists are ready to help you