Bankruptcy Law

Bankruptcy law questions? Ask a bankruptcy lawyer.

Ask a Lawyer,
Get an Answer ASAP!

My bankruptcy was discharged and I let my first and second…

Customer Question
My bankruptcy was discharged and...
My bankruptcy was discharged and I let my first and second mortgage on my house be included. I have made my payments and realize that as long as I do, I will be able to stay in my home. However it is getting more difficult for me to maintain them. Here is what I need to know.

1. If I decided to send them less each month then the actual payment what would be the outcome of that?

2. Can I get a loan modification since I have a discharged bankruptcy and if so is there a way to combine my first and second mortgage in the modification?

3. Is there a way to get my lender to lower the interest rate so that my payments would be reduced without and actual modification?

Thanks, XXXXX [email protected]
Submitted: 5 years ago.Category: Bankruptcy Law
Show More
Show Less
Ask Your Own Bankruptcy Law Question
Answered in 1 minute by:
9/4/2012
Bankruptcy Lawyer: Terry L., Attorney replied 5 years ago
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,958
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
Verified

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. :

it is still your home, so as long as you can work something out with the mortgage company (ie lower payments) you can stay in the home. If you do not pay your contractual payment, they can move to foreclose.

Terry L. :

You can try to negotiate a loan modification, even after bankruptcy, since you are still the owner of the home.

Terry L. :

To combine the loans, that would be a refinance, and one lender would agree to pay off the other lender in full, or a new lender paying off both, and start you on a new loan. It's possible, but you'll usually need some equity for the lenders to even consider this. Once refinanced, you are then responsible for timely payments since the debt has been renewed after bankruptcy.

Terry L. :

You can discuss lowering the interest during the loan modification. Market terms control interest rates for refinancing.

Terry L. :

Let me know if you have any other questions. Thanks.

Customer :

I'm sorry, but most of this I already knew and I guess I was looking for more details. Being that the first thing you did was suggest that I should hire an attorney, I feel as if I would wasting my money by paying for this answer. It is not that you gave a bad answer, it just was not as comprehensive as I was expecting. Now I am not sure what to rate you. Again, I am sorry.

Terry L. :

Please reconsider your rating. your issue is with the site, not the answer. I asked if you have any other questions. We are prohibited from creating an attorney client relationship, the disclaimers coming in should have told you as much. The rating is based on the answer, not your opinion of the site. Let me know if you have any other followups. thanks

Terry L. :

Any followup questions?

Ask Your Own Bankruptcy Law Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a bankruptcy lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Terry L. Your Own Question
Terry L.
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,958
2,958 Satisfied Customers
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.

Terry L. 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

2,958 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 I'm in a chapter 13 and a divorce decree says the house
If I'm in a chapter 13 and a divorce decree says the house is awarded to me but I would need to get refinanced and the house is in the bankruptcy how can I accomplish this? Is this even possible?… read more
Jessica B
Jessica B
Juris Doctor
1,326 satisfied customers
Filed a chapter 13 during divorce. Divorce finalized 1 month
filed a chapter 13 during divorce. Divorce finalized 1 month later. Ex-spouse defaulting on mortgages so i was forced into chapter 13. now that i am divorced can i read in an article that i can go thr… read more
TJ, Esq.
TJ, Esq.
Juris Doctor (JD)
11,390 satisfied customers
My son has a 2017 Honda Cevic that is his only means of
My son has a 2017 Honda Cevic that is his only means of transportation. If he declares bankruptcy will he be able to keep the car if he continues to make the monthly payments? He currently has a cosig… read more
Christopher B, Esq
Christopher B, Esq
Attorney
Juris Doctor
1,520 satisfied customers
I was awarded my home while i was in a current chapter 13.
I was awarded my home while i was in a current chapter 13. it stated i had until a certain date to refinance the home. How is this possible if a person is in an active chapte 13?… read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
10 satisfied customers
A chapter 13- if a person makes 58k a year- and looking at
a chapter 13- if a person makes 58k a year- and looking at the month of april when i filed- for a family of 2- it said the means/median-62k-it stated on the form 122C-1 if line 15 is less than or equa… read more
Terry L.
Terry L.
Attorney
2,958 satisfied customers
My wife and I took out a home equity line of credit in 2007.
My wife and I took out a home equity line of credit in 2007. I don't remember the amount but I was contacted by a collection agency and they said that the loan amount was $85,000 in which I don't reca… read more
P. Simmons
P. Simmons
Attorney
Doctoral Degree
36,865 satisfied customers
If you are in foreclosure and you filed Ch 7. What do you
If you are in foreclosure and you filed Ch 7. What do you put down for the monthly payment since mortgage has not been paid.… read more
KLAW
KLAW
Juris Doctorate
2,194 satisfied customers
home equity is very high. MA Yes I have an attorney.
Private school tuition I need to declare bankruptcy as I have too much debt & interest rates too high. I have a kid in private school for personal reasons. My house is very valuable due to the current housing bubble. I don't want to sell my house. Is it possible for me to declare Chapter 13 at a 100% payback. My income is not high but this might be possible for me to pay. The homestead exemption is $500,000 where I live. I have some home equity...I'm not sure how much. I REALLY don't want to move (it will not help my financial situation given the rent prices). Now my house is worth 1.14 million dollars. It's a fixer-upper but my neighborhood is insane. The house has many cosmetic issues. I really must send my child to private school, though I know this sounds like a terrible indulgence. My kid has various issues that are just too much for him in public school. I read that if I pay back 100% of my debt that I can pay the tuition on the private school. It will be difficult to pay the huge amount in 5 years. My income is around median income. But I take it you have to pay in 5 years. You cannot pay in 7 years.… read more
Terry L.
Terry L.
Attorney
2,958 satisfied customers
Home equity is very high. MA Yes I have an attorney. Private
Private school tuition I need to declare bankruptcy as I have too much debt & interest rates too high. I have a kid in private school for personal reasons. My house is very valuable due to the current housing bubble. I don't want to sell my house. Is it possible for me to declare Chapter 13 at a 100% payback. My income is not high but this might be possible for me to pay. The homestead exemption is $500,000 where I live. I have some home equity...I'm not sure how much. I REALLY don't want to move (it will not help my financial situation given the rent prices). Now my house is worth 1.14 million dollars. It's a fixer-upper but my neighborhood is insane. The house has many cosmetic issues. I really must send my child to private school, though I know this sounds like a terrible indulgence. My kid has various issues that are just too much for him in public school. I read that if I pay back 100% of my debt that I can pay the tuition on the private school. It will be difficult to pay the huge amount in 5 years. My income is around median income. But I take it you have to pay in 5 years. You cannot pay in 7 years.… read more
Terry L.
Terry L.
Attorney
2,958 satisfied customers
I got a home equity loan at least 20 year ago I file
I got a home equity loan at least 20 year ago I file bankruptcy but my house was included The loan was 15,000 and I have never miss a payment .What going on is that every three years my loan is sent t… read more
Ray
Ray
Lawyer
Doctoral Degree
33,059 satisfied customers
I feel the bank I got a home loan gave me the runaround and
I feel the bank I got a home loan gave me the runaround and never helped me get a loan modification to keep my home. I had to file bankcrupcy to keep my home. It was too much that we just dismissed th… read more
Terry L.
Terry L.
Attorney
2,958 satisfied customers
Situation: friend has mortgage. He has avoided bankruptcy,
Situation: friend has mortgage. He has avoided bankruptcy, but is 8 months behind paying the mortgage. Now wants to get caught up and is sending in monthly payments. What does the law say about applyi… read more
DrakeLAW
DrakeLAW
Juris Doctorate
1,038 satisfied customers
Law Educator- I want to be most specific- and I would like
Law Educator- I want to be most specific- and I would like your professional opinion- as to what steps- I should take at this point -since I am pro se- at this moment-. I am attaching 3 short files- f… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 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
59,399 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
2,958 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
2,958 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
After a Chapter 7 Bankruptcy, an Equity loan was reaffirmed,
After a Chapter 7 Bankruptcy, an Equity loan was reaffirmed, but only by the husband. The wife never signed. Does this mean that the loan company now has lost consent? In her not reaffirming the loan … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 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