Bankruptcy Law

Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Bankruptcy Law
This answer was rated:

Roger, We are a complicated case. My husband & I have lived

in our home for 31...
Roger, We are a complicated case. My husband & I have lived in our home for 31 years. The mortgage was always in both our names but her put it all in his name( I am on the deed) when he was talked into a pick a pay mortgage with World Bank. Sold to Weikovia then Wells Fargo that had him sign a modification into a 5 tier mortgage. He is mentally ill and disabled due to multiple hospitalizations. The tier went up 30 months ago and we could not pay, recession hit my business, he was hospitalized, then in the fall we had 5 feet of water from Superstorm Sandy. I have worked with the bank over 30 months to increase income, and give them everything they wanted- always saying it looked good for modification. Now we received forcloseure notices and an amount they want for short sale. We have seen 2 lawyers about bankruptcy which aparently could be done by just my husband. Is that correct?
How and when and WHO is bold enough to fight Wells Fargo quickly for us as I know the Pick a pay was an illegal mortgage and the tier on should be.
The reason we want to stay in our home is that we are near the beach and rent it summer seasonal for 31,500 each year. Move to the back separate building and also do my business out of the back building.
Can we get a judge to cram down the interest and excessive payments?
Can we get the principal lowered and interest fixed by doing a bankruptcy or finding a legitamate lawyer who will negotiate with wells fargo.
I am so tired of doing this all myself with an ill husband at times.
The equity out of this home which is on a barrier island in NJ. is what we need to go on.
Thanks for all the help you can provide.
A great fighter lawyer in NJ for forclosure defence and is bankruptcy our only way to stay here?
Show More
Show Less
Ask Your Own Bankruptcy Law Question
Answered in 2 minutes by:
9/30/2013
Roger
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 31,877
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
Verified

Roger :

Hi - thanks for looking me up!

Roger :

If your husband is the only one on the note/mortgage, then he could file himself without you.

Roger :

If you file a chapter 13 bankruptcy, you can re-organize the debt and reduce your monthly obligation by extending the terms of the loan. However, you cannot cram down or reduce the amount owed IF this house is your primary residence. Cram down options are only available with second homes/investment properties, etc.

Roger :

If you were to sue the lender for predatory lending and win, then there certainly would be a basis to try and reduce interest, charges, etc. - - but winning these types of cases is very, very difficult to do.

Customer:

We rent it for the Summer season even though it is our primary residence. Would that make a difference?

Roger :

But, if you file bankruptcy, your attorney can discuss the claims with the trustee and try to pursue the claim through your bankruptcy.

Roger :

IF the house is your primary residence, then it is not going to eligible for a cram down.

Customer:

Good to hear that. Could we still do a short sale if needed when in bankruptcy?

Roger :

There really would be no need.

Roger :

If you decided you didn't want to keep the home, you'd just let it go and the lender could foreclose. Any deficiency would be considered an unsecured debt and should be discharged as such.

Customer:

So I am getting that the best way to negotiate with the bank is after claiming chapter 13 bankruptcy

Roger :

That'll put you in the driver's seat.

Roger :

It will also stop any foreclosure proceedings.

Customer:

We have only been told that we have to pay the tier mortgage price and the arears over 5 yrs. No change in that.

Customer:

Am i not understanding this correctly?

Roger :

You don't have to pay the ENTIRE mortgage over 5 years.

Customer:

I mean the old higher monthly payment and the fees, interest ect divided over 5 years. Will those amounts also be negotiated by our lawyer with the bank?

Roger :

The arrearage generally should be paid during the 5 year period, but you can extend the mortgage loan 30, 40, 50 years and make payments based on that calculation/amoritization.

Roger :

Yes, your attorney would negotiate that with the lender.

Customer:

You have given me some hope.

Customer:

Would you recommend a really good bankruptcy lawyer in nj or doesn't it matter?

Roger :

It's an overwhelming situation, but you can navigate through it.

Roger :

The best option is to visit www.martindale.com and search for a bankruptcy lawyer in your area. The attorneys listed on the site are the best of the best as voted by peers and clients.

Roger :

When you go to the site, click on "Find a Lawyer or Law Firm" and enter your relevant search information.

Customer:

Just so you know they offer short sale for 458 net just last week.

Customer:

We were at 550,000 now at 670,000

Roger :

The best option is likely to consult a local bankruptcy attorney, review your information and then make a decision about how to proceed.

Customer:

The property could sell for 699,000 to 875,000. I want to get our retirement out of here or

Customer:

at least 150 to 200 thousand.

Roger :

I can understand that for sure.

Customer:

It is alot to loose.

Roger :

It is, and if you can maintain a chapter 13 and get a discharge in 5 years or so, you can save your property and its equity.

Customer:

Thank you, XXXXX XXXXX is invaluable:) Have a great day.

Roger
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 31,877
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
Verified
Roger and 87 other Bankruptcy Law Specialists are ready to help you
Ask your own question now
Ask Roger Your Own Question
Roger
Roger
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 31,877
31,877 Satisfied Customers
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters

Roger 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

2,679 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
Received a notice of automatic dismissal without the entry
Received a notice of automatic dismissal without the entry of a discharge. for failure to file documents. a/b, D, E/F,I,J,J2,statement of your current monthly, income BUT I filed these forms but at 2 … read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 satisfied customers
We are a non-profit group...we are behind in our rent, owe
we are a non-profit group...we are behind in our rent, owe sales tax etc...I am considering bankruptcy for the non-profit but need guidance before I make that decision...I would like time to liquidate… read more
Lori
Lori
Juris Doctor
298 satisfied customers
Law Educator I am attaching my rough draft to the trustee
Law Educator I am attaching my rough draft to the trustee -please advise in your professional opinion if there is something that needs to be deleted or added. Also, I am attaching the minute entry to … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
If the trustee rules that the person filing for bankruptcy
If the trustee rules that the person filing for bankruptcy has an equitable interest in real estate, can that ruling interfere with his exemption. Or is he allowed then to file for his right of redemp… read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 satisfied customers
Would you be able to refer me to a specific law regarding
Would you be able to refer me to a specific law regarding cram downs? I have been misinformed in the past. Thank you… read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 satisfied customers
In a chapter 13 bankruptcy in PA if I am eligible for a cram
In a chapter 13 bankruptcy in PA if I am eligible for a cram down for my vehicle, can the lender of the vehicle refuse a cram down?… read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 satisfied customers
Can I get my vehicle back if I voluntarily surrendered it.
Can I get my vehicle back if I voluntarily surrendered it. I'm in the middle of a bankruptcy and I assumed a plan and cram down was going to be worked out.… read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 satisfied customers
If you have a trial scheduled and the US Trustees Office is
If you have a trial scheduled and the US Trustees Office is trying to get your case dismissed and you have been dealing with your attorney who has been doing things that will get him disbarred, how do… read more
Michael Bradley
Michael Bradley
JD
1,193 satisfied customers
Can I rent to own a home in Tennessee with chapter 7 and
Can I rent to own a home in Tennessee with chapter 7 and chapter 13 bankruptcy on my credit?… read more
LawGuy
LawGuy
Juris Doctor
123 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
I filed bankruptcy and just received a notice saying
hello. I filed bankruptcy and just received a notice saying sheriffs notice of bankruptcy procedures. pursant to a creditors instructions under a writ of execution , the sheriff levied on and is curre… read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 satisfied customers
I have hard evidence that the Trustee and Trustee atty were
Hello - I have hard evidence that the Trustee and Trustee atty were negligent, breached their fiduciary duties and allowed my federal case of fraud in the inducement run the SOL, without pursuing as t… read more
Dwayne B.
Dwayne B.
Juris Doctor
28,693 satisfied customers
The Trustee in a corporate bankruptcy case erased and/ or
The Trustee in a corporate bankruptcy case erased and/ or deleted tape recorded testimony of a key witness in a 2004 bankruptcy rule deposition. what recourse do I have being that witnesses testimony … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
7,403 satisfied customers
Second opinion] The Trustee in a corporate bankruptcy case
Second opinion] The Trustee in a corporate bankruptcy case erased and/ or deleted tape recorded testimony of a key witness in a 2004 bankruptcy rule deposition. what recourse do I have being that witn… read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 satisfied customers
My confirmation meeting is next week and th trustee wants a
my confirmation meeting is next week and th trustee wants a modified plan so i won't be confirmed, what may happen … read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,377 satisfied customers
I received notice from the Trustee of an "Order Striking
I received notice from the Trustee of an "Order Striking Filing For Failure To Comply With Required Procedures".I believe the problem is with a creditor who had an undeliverable address, however, I ha… read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 satisfied customers
I recently made my last chapter 13 payment to the trustees
I recently made my last chapter 13 payment to the trustees office. I fell behind on my mortgage and have been in a trial modification. On the notice of final cure my lender stated the amount I was del… read more
socrateaser
socrateaser
1,031 satisfied customers
Does the trustee need a court order to sell a debtors
Does the trustee need a court order to sell a debtors primary residence? The equity is claimed as exempt, but the trustee believes there is more equity in the house than the debtor claimed. Reference … read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,377 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