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I have my primary residence in the state of Delaware, which…

Customer Question
Second opinion] hi: Lawyer's...

Second opinion] hi:

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

I have my primary residence in the state of Delaware, which I bought in 2005. I had borrowed around $ 380000 with Deferred Interest Mortgage program. I kept paying my mortgage till 2008-2009 but as my other investments in real estate got into trouble and I lost my job during the financial crisis I had to stop paying mortgage on the property. In 2011, I filed for Chapter 13 bankruptcy protection.I successfully completed and was recently discharged from the Bankruptcy. in March 2017. But to my astonishment during this period the Deferred Interest and other charges on this property accumulated to around $ 200,000. Now I owe around $ 600,000 ( $ 400,000 in original loan plus the deferred charges of $200000). But the real estate market in my area has not recovered. The comparable houses in the neighborhood are selling for $ 375000. I tried to work with the lender asking them to waive the accumulated interest of $ 200,000 so that I can pay my mortgage. But the lender refused and is asking

Lawyer's Assistant: Has anything been filed or reported?

For $ 600,000. The lender has gone ahead with foreclosure proceedings which is scheduled for 10/10/2017.Is there any assistance I can get

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I want to save this house

Submitted: 11 months ago.Category: Legal
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Answered in 1 hour by:
9/21/2017
Lawyer: Ray, Lawyer replied 11 months ago
Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 48,883
Experience: 30 years in civil, probate, real estate, elder law
Verified

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

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Lawyer: Ray, Lawyer replied 11 months ago

I am going to open this up to Delaware lawyer, thanks please do not rate or reply..

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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).

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