Bankruptcy Law

Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Bankruptcy Law
This answer was rated:

How I can avoid affirming the mortgage signing requirement

of the loan modification after...
How I can avoid affirming the mortgage signing requirement of the loan modification after bankruptcy
Show More
Show Less
Ask Your Own Bankruptcy Law Question
Answered in 4 minutes by:
9/1/2012
cortrightlaw
cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience: Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
Verified

cortrightlaw : Give me a minute to review your question and respond
cortrightlaw :

That would be an issue, as they are not going to finalize your modification unless you sign the final documents. Why are you trying to avoid it?


 

Customer:

since my mortgage ( Primary + Secondary mortgage amount ) is underwater , with the current personal condition, I am not sure I am in a position to carry on as economic conditions in general are not stable

Customer:

they are planning to foreclose.

Customer:

Not talking to Country wide ( B of A) second mortgage of 250K at this time

cortrightlaw :

Then this is really a decision that you need to consider and make now prior to signing the documents on the modification. If you sign them you will be committed to the loan again. You really need to make sure that after the terms of the modification are changed that you have gotten a good deal, if you are to upside down it is time now to move on and let the home go.


 

Customer:

Does it pay me to drag on - if so how

Customer:

My wife who is also the co-owner of the mortgage has not filed for bankcruptcy yet. just I did

cortrightlaw :

Only if you are trying to stay longer without paying the mortgage but it sounds like you might have already dragged it on as long as you can.


 

cortrightlaw :

If she needs to file then she could file and that might slow it down a few more months.


 

Customer:

if she does, they will charge her for the deficiency amount

Customer:

if she does not - i should say

Customer:

Will this go through the court.. In NJ, what is teh current waiting period before a judge would hear this case

cortrightlaw :

I do not know how long it would take in NJ, but yes if she does not file she could be held liable for the deficiency in your state.

Customer:

Who will go through in dealing with the second mortgage holder - agreement to sell by the ùprimary ùmortgage holder who is not going to loose money as the value of teh house covers their mortgage amount 100%

Customer:

Does Short sale option buy me anything


 

cortrightlaw :

A short sale could buy you a little more time, and it could avoid your wife having to file bankruptcy, as both mortgages would have to agree to the terms of the sale and that usually is an agreement that they will no proceed against you for the deficiency.


 

Customer:

If she files for bankruptcy ( she may have to as she has outstanding loans), then the question of deficiency by second mortgage would not come - no IRS payment

Customer:

Does this make sense to wait for the NJ judge to make the decision - I heard there is a 2 year waiting period now- not sure - what would be the impact on me

Customer:

One view == The situation is bad anyway . may be it will allow me to save 5000+ amount every month. or should i need to think of other issues - may be at the end i may end up in making more money

Customer:

and avoid the foreclosure at the last minute before judge decides

cortrightlaw :

If that is the case then it makes sense to wait, the longer you can stay the more savings that you have, just remember though she is only allowed to have a certain amount of assets when she files for bankruptcy.

Customer:

Thanks for the information that you provided.

cortrightlaw
cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience: Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
Verified
cortrightlaw and 87 other Bankruptcy Law Specialists are ready to help you
Ask your own question now
Ask cortrightlaw Your Own Question
cortrightlaw
cortrightlaw
cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
513 Satisfied Customers
Experience: Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.

cortrightlaw is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Terry L.

Terry L.

Attorney

2,672 satisfied customers

Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.

cortrightlaw

cortrightlaw

Attorney

513 satisfied customers

Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.

JoeLawyer

JoeLawyer

Attorney

376 satisfied customers

Attorney in the practice of Bankruptcy Law since 1996

A.J.

A.J.

Attorney

262 satisfied customers

Experienced consumer bankruptcy attorney.

Fritz

Fritz

Attorney

209 satisfied customers

Florida attorney with extensive experience in Chapter 7 and Chapter 13 consumer bankruptcy cases

Law Girl

Law Girl

Attorney

153 satisfied customers

I am an attorney.

Paul K, Esq.

Paul K, Esq.

Attorney

141 satisfied customers

10 years Exp., Great customer service, Prompt responses.

< Previous | Next >

Related Bankruptcy Law Questions
If my home is sold as a short sale, can I claim bankruptcy
If my home is sold as a short sale, can I claim bankruptcy rather than have to claim the difference as income? If you can't make the payment how will you pay the IRS ?… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,806 satisfied customers
On 3/30/2010, I was granted a discharge under section 727 of
on 3/30/2010, I was granted a discharge under section 727 of title 11, US Bankruptsy code (chapter 7). I had a first and second mortgage at the time. I received a Hamp loan modification on the first m… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
My husband and I went through a Chapter 7 Bankruptcy which
My husband and I went through a Chapter 7 Bankruptcy which was final in January of 2006. Yesterday we received a 1099 - C from the bank involved showing a cancellation of debt as 12/31/2009 with no in… read more
Maverick
Maverick
Doctoral Degree
6,133 satisfied customers
Wanted a Michigan attorney to discharge IRS debt through
Wanted a Michigan attorney to discharge IRS debt through chapter 7 bankruptcy. Background: I filed my 2003, 2004, 2005, and 2006 returns with the IRS in April 2008. From that i owe them roughly $90,00… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,672 satisfied customers
DrakeLaw - I would like to ask a new question. We were
This question is for Rich @ DrakeLaw - I would like to ask a new question. We were talking about the Idaho State Statue Wildcard Exemption. I have a snatch and would like to know if you had a suggesti… read more
DrakeLAW
DrakeLAW
Juris Doctorate
831 satisfied customers
I'm currently starting the process of bankruptcy due back
Good Day. I'm currently starting the process of bankruptcy due back taxes in MD. My question is: which would be best - do I go thru with the bankruptcy? Or would it be best to set up a payment plan wi… read more
Ely
Ely
Counselor at Law
Juris Doctor
266 satisfied customers
An attorney is representing a client. The client owes the
An attorney is representing a client. The client owes the attorney 50,000$ From a previous lawsuit that ended in July 2016. The client files chapter 7 bankruptcy on 8/1/2017. AFTER the bankruptcy fili… read more
TJ, Esq.
TJ, Esq.
Juris Doctor (JD)
11,188 satisfied customers
I (co-borrower) am in both Hardship Loan Modification and
I (co-borrower) am in both Hardship Loan Modification and Underwriting and CHASE also filed foreclosure proceedings that are at the end of negotiations and almost granted. I have had terrible injuries… read more
INFOLAWYER
INFOLAWYER
Partner
Doctoral Degree
55,425 satisfied customers
Second opinion] Texas Bankruptcy Attorney?What happens to a
Second opinion] Texas Bankruptcy Attorney?What happens to a Chapter 13 plan after Judge has signed the approval for loan modification? Will it convert to a Chapter 7?… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,672 satisfied customers
Texas Bankruptcy Attorney? What happens to a Chapter 13 plan
Texas Bankruptcy Attorney?What happens to a Chapter 13 plan after Judge has signed the approval for loan modification? Will it convert to a Chapter 7?… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,672 satisfied customers
I am a chapter 13 and attempting to get a loan modification
I am a chapter 13 and attempting to get a loan modification on property and have been in contact with whom I thought was my loan mortgage aka servicing company. I have been paying them for years- now … read more
socrateaser
socrateaser
1,031 satisfied customers
I am in a current chapter 13 and I am unable to get counsel
I am in a current chapter 13 and I am unable to get counsel due to my complicated case. So I have been going it on my own. Every document or concern the trustee sends my way, I immediately get it done… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
If I voluntarily dismissed my chapter 13 because I felt that
if I voluntarily dismissed my chapter 13 because I felt that my case could have been handled better. Can I refile another chapter 13 and if so, is there a waiting period before I can refile? … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
If my client owes some late fees to the IRS, can I still go
If my client owes some late fees to the IRS, can I still go through a Chapter 13? How do I recognize that debt?… read more
Law Tutor, Esq.
Law Tutor, Esq.
Lawyer
Doctoral Degree
165 satisfied customers
If $25,000 paid to IRS and chap 13 case was dismissed due to
If $25,000 paid to IRS and chap 13 case was dismissed due to hardship, will money be deducted from balance owed IRS? … read more
Attorney2020
Attorney2020
Lawyer
2,479 satisfied customers
I owed the irs more than $65,000.They put a lien on my
I owed the irs more than $65,000.They put a lien on my house.I am now in a chapter 13.The irs debt was included in my chapter 13 and will be discharged after 5 years of payments.My question is,can I s… read more
Law Tutor, Esq.
Law Tutor, Esq.
Lawyer
Doctoral Degree
165 satisfied customers
IRS collections led to the agent issuing me a summons to
IRS collections led to the agent issuing me a summons to produce financial docs, etc. I refused as I was about to file a BK on this issue, I just needed to wait out the 3 yr, 2 yr 240 period. After re… read more
Maverick
Maverick
Doctoral Degree
6,133 satisfied customers
I am in chapter 7. IRs said we owed taxes from 2008 to 2012.
I am in chapter 7. IRs said we owed taxes from 2008 to 2012. Those are listed in our bankruptcy. We do not owe for 2013,14,,15 and all returns are in. In the meantime they sent a garnishment to our pa… read more
socrateaser
socrateaser
1,031 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x