Bankruptcy Law

Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Bankruptcy Law
This answer was rated:

Im currently underwater on my 1st mrtg.(90K and my 2nd mrtg

I'm currently underwater on my...
I'm currently underwater on my 1st mrtg.(90K and my 2nd mrtg ((55K).I wish to delay any foreclosure action for as long as possible. I've received a notification from my first lender (BOC) but not from my 2nd (RBC Centura) I have approx. $50K in savings but I also have 2 girls in college. My wife is a cancer survivor but requires regular chech-ups. I have been diagnosticed with 3 different cancers in the past year. We filed a Chapter 7 five yeas ago but reaffirmed our mortagtes. Our current monthly expenses are $7,500 (including mortages) with income of$3,396. What kind of actions can I expect the lenders to take and how can I best delay them.
Show More
Show Less
Ask Your Own Bankruptcy Law Question
Answered in 8 minutes by:
2/5/2013
Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36,714
Experience: Bankruptcy Lawyer. Experienced.
Verified
*This chat is not intended as legal advice. It is general information that may or may not apply to your situation and should not be relied upon.*

Hello,

I am a Florida licensed attorney. I will do whatever I can to answer your questions!

Don't Forget that the deposit you placed to ask this question is not used to compensate me until you rate my service ! Please Remember that when you are asked to give a rating, you are rating My Service and not this website itself or the law .

Your Question - What kind of actions can I expect the lenders to take

My Answer - One or both of the lenders will file a foreclosure action and obtain a deficiency judgment for any unpaid amount of the mortgage(s).


Your Question - and how can I best delay them.

My Answer - A chapter 13 bankruptcy may delay the foreclosure and/or, better yet, strip (remove) the 2nd mortgage and allow you to reinstate/renegotiate the first mortgage

Explanation - A Chapter 13 bankruptcy can strip off a 2nd mortgage if the first mortgage equals or exceeds the value of the property. A chapter 13 bankruptcy may be used to strip away the 2nd mortgage allowing you to then negotiate with the first mortgage for a modification.

I would be glad to respond to any related follow-up questions that you may have.
Ask Your Own Bankruptcy Law Question
Customer reply replied 4 years ago

You state that a Chapter 13 can strip off a 2nd mortgage if it equals or exceeds the value of the proberty. This is clearly not the case. I owe the 1st lender approx. $90K which would be abour $20K less that the market value of the property


Thank you for that additional information Frank. You can still use a chapter 13 to delay the foreclosure sale. Most individuals in this situation find it advantageous to file a Chapter 13 after the foreclosure sale date has been set. Since your foreclosure action has not yet been filed, you appear to have quite a bit of time before the foreclosure will be set for sale.
Ask Your Own Bankruptcy Law Question
Customer reply replied 4 years ago

Can I file a Chapter 13 in Florida only five years afer filing a Chapter 7?


I neglected to mention in my first correspondence thath the property has a market value of 110K to 115K with a 90K 1st mortgage.

Can I file a Chapter 13 in Florida only five years afer filing a Chapter 7?

Yes. A person may file a chapter 13 at any time after receiving the discharge of the chapter 7 for purposes of invoking the automatic stay and setting up a payment plan.


I neglected to mention in my first correspondence thath the property has a market value of 110K to 115K with a 90K 1st mortgage.

This does not change my answer

Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36,714
Experience: Bankruptcy Lawyer. Experienced.
Verified
Ellen and 87 other Bankruptcy Law Specialists are ready to help you
Ask your own question now
Ask Ellen Your Own Question
Ellen
Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36,714
36,714 Satisfied Customers
Experience: Bankruptcy Lawyer. Experienced.

Ellen 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

511 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
I have a lawyer who filed a chapter 7 for us and now wants
I have a lawyer who filed a chapter 7 for us and now wants us to ask for the 7 to be dismissed or converted to a 13. He's a nice guy but i have a bad feeling that he has made some mistakes. I need hel… read more
socrateaser
socrateaser
1,031 satisfied customers
I filed for bankruptcy and qualified for Chapter 7. In the
I filed for bankruptcy and qualified for Chapter 7. In the process the Trustee found a date left off on my Deed of Trust. He filed for an Adversary Proceeding and I received a letter today stating he … read more
KUMI95
KUMI95
Attorney
Doctoral Degree
17 satisfied customers
I filed chapter 7 bankruptcy in December 2009, and left off
I filed chapter 7 bankruptcy in December 2009, and left off a creditor who is now seeking garnish wages. The creditor was left off. It's a friend that file through the sheriff dept in California. Am I… read more
Ellen
Ellen
Attorney
36,714 satisfied customers
I am considering filing a chapter 7 personal bankruptcy. I
I am considering filing a chapter 7 personal bankruptcy. I know some years ago there were some changes in the bankruptcy laws. What I need to know, first of all, is how much money can be retained in a… read more
LegalGems
LegalGems
Juris Doctorate
10,196 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
Have to file a chapter 7 bankruptcy, What about parrots as
Have to file a chapter 7 bankruptcy, What about parrots as pets...no breeding...no breeding involuled. Also have 4 vehicles Chev p/u 2009, Chev p/u 89, Ford p/up 85, Dodge 74 sedan. Need three vehicle… read more
Ellen
Ellen
Attorney
36,714 satisfied customers
Chapter 7 Bankruptcy in Utah. Now that I have filed for
Chapter 7 Bankruptcy in Utah. Now that I have filed for Chapter 7 bankruptcy what happens to my house? I am upside down in my house and have vacated the property. Does my house still go into foreclosu… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,807 satisfied customers
I filed chapter 7 and was told that my fiance couldn"t claim
I filed chapter 7 and was told that my fiance couldn"t claim that he owned 1/2 of all my realestate because he wasn"t on the deed but we had signed a piece of paper saying that he owned 1/2 of my fath… read more
KUMI95
KUMI95
Attorney
Doctoral Degree
17 satisfied customers
Interested in information concerning personal chapter 7
interested in information concerning personal chapter 7 bankruptcy as a member of a 50/50 LLC … read more
DrakeLAW
DrakeLAW
Juris Doctorate
842 satisfied customers
This is a bankruptcy question. Filed Chapter 7, made
This is a bankruptcy question. Filed Chapter 7, made payments to trustee, finished payments, scheduled this month for the discharge hearing. Problem: one creditor has a lien on our home. What if anyth… read more
Ellen
Ellen
Attorney
36,714 satisfied customers
Regarding my chapter 7 ProSe on the Reaffirmation $2000
Regarding my chapter 7 ProSe on the Reaffirmation $2000 behind on payments, $6000 equity in car Obviously, we don't want to be Repo'd with all that equity.My husband went to the reaff hearing today an… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,672 satisfied customers
Regarding my chapter 7 Reaffirmation hearing tomorrow,
Regarding my chapter 7 Reaffirmation hearing tomorrow, husband is going without me. $2000 behind on payments, 6000 equity in car. When I try to talk to the people at "ascension capital" who do Cap1's … read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
17,996 satisfied customers
We filed chapter 7 bankruptcy in California with the intent
We filed chapter 7 bankruptcy in California with the intent on reaffirming the car.We are 90 days out with a report of no distribution and "awaiting discharge" on Pacer.We have $6000 equity in the car… read more
DrakeLAW
DrakeLAW
Juris Doctorate
842 satisfied customers
BANKRUPTCY: Debtor is filing Chapter 7 bankruptcy; and
BANKRUPTCY: Debtor is filing Chapter 7 bankruptcy; and elected to surrender their vehicle. Can the Creditor repossess the vehicle while the bankruptcy case is still open? Debtor has not received a dis… read more
LegalGems
LegalGems
Juris Doctorate
10,196 satisfied customers
BANKRUPTCY: A debtor wants to file a personal Chapter 7
BANKRUPTCY: A debtor wants to file a personal Chapter 7 bankruptcy and owns a small business. They are filing mostly consumer debts. Can the Debtor continue to run their small business and generate in… read more
LegalGems
LegalGems
Juris Doctorate
10,196 satisfied customers
This is a Chapter 7 question. The Debtor was unemployed for
This is a Chapter 7 question. The Debtor was unemployed for 4 of the last 6 months, having worked the last 2 months. Her currently monthly income amount is above the local median, but averaged over th… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,672 satisfied customers
My parents filed chapter 7 bankruptcy. They received a
My parents filed chapter 7 bankruptcy. They received a letter back from the attorney they hired and the letter stated, "they are over the limit on the allowable exemptions for a chapter 7".What does t… read more
Ray
Ray
Lawyer
Doctoral Degree
30,244 satisfied customers
This is a Chapter 7 case. The Debtor signed a reaffirmation
This is a Chapter 7 case. The Debtor signed a reaffirmation agreement less than 60 days ago and now wants to rescind it...the case is about to close, discharge was ordered but case is open for adminis… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,672 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