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I have a two part question. Deals with Foreclosure and located

I have a two part...
I have a two part question. Deals with Foreclosure and located in the State of PA.

When you are in Foreclosure and you file for a BK, what are the benefits of doing this while in Foreclosure. Does the BK judge pick your monthly payment for the house or does it not stop the foreclosure and we still have to deal with the bank.

Second part of the question. We have three SBA mortgages attached to the house, which are judgments from a defaulted loan in 2008. I have a 50/50 chance that they are not going to renew it, but if I do file BK, what happens to those.
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12/7/2011
WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17,253
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
Verified

WALLSTREETESQ :

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

WALLSTREETESQ :

Do you want to keep the home?

Customer:

yes, I been fighting for it for 3 years myself, file motions, answered all complaints, ect

WALLSTREETESQ :

You can file a chapter 13 bankruptcy, this would stop the sale

WALLSTREETESQ :

and force the bank to allow you to pay all the arrears over 60 months, as long as you pay the current monthly mortgage

WALLSTREETESQ :

If you are under water on the second or thirs loans,

WALLSTREETESQ :

you can discharge these through a chapter 13 bankruptcy

Customer:

ok

Customer:

how about the sba loans

Customer:

also what percent would we pay ont he arrears of what we owe

WALLSTREETESQ :

The SBA loans if secured by the house could only be discharged, if they are under water

WALLSTREETESQ :

you would have to pay 100% of the arrears over 60 months,

Customer:

house is underwater

WALLSTREETESQ :

but you would be able to reduce your other debts as much as 90%

Customer:

we don't have any credit cards or anything else

Customer:

we are debt free but the house

Customer:

since the house is underwater could we get the sba loans kicked off

WALLSTREETESQ :

than it could be possible the sba loans could be discharged,

WALLSTREETESQ :

For example,

Customer:

also who figures out what the arrears are ?

Customer:

3 years of payments is alot

WALLSTREETESQ :

if the home is worth $300,000 and the first mortgage is $300,000

WALLSTREETESQ :

all other mortgages, are unsecured and can be discharges

WALLSTREETESQ :

discahrged

WALLSTREETESQ :

The arrears are computed from the first mortgage company

WALLSTREETESQ :

you would pay all arrears over 5 years,

Customer:

there are 5 mortgages, first is 508k and then 126k and then 3 others for about 700k which the 3 are sba

WALLSTREETESQ :

the arrears of only the first mortgageg

WALLSTREETESQ :

how much is the home worth?

Customer:

house is worth about low 500, high 400

WALLSTREETESQ :

Than you would have to pay the first mortgage,

WALLSTREETESQ :

and the rest can be lien stripped

WALLSTREETESQ :

if the house is appraised for $508 or less

Customer:

monthly payment on the first mortgage is 2500 so would the bk judge take 2500 x 60

WALLSTREETESQ :

no,

Customer:

for what we missed on the payments for the last 3 years

WALLSTREETESQ :

you would pay the regular mortgage

WALLSTREETESQ :

and $90,000 of the arrears over 60 months

WALLSTREETESQ :

so an extra $1500 per month, with the rest discharge

Customer:

who firgures out the arrears

WALLSTREETESQ :

the first bank has to provide the amount to the Court

Customer:

what if we don't agree with it, that there is a mistake

WALLSTREETESQ :

than you can fight their claim in the bankruptcy court through an adversary proceeding,

Customer:

also to hire a bk laywer what is the cost to do a case like this ?

WALLSTREETESQ :

for a chapter 13 expect $1500-$3000

Customer:

ok, thanks so much.

WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17,253
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
Verified
WALLSTREETESQ and 87 other Bankruptcy Law Specialists are ready to help you
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WALLSTREETESQ
WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17,253
17,253 Satisfied Customers
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS

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