Posted on: 19th May, 2009 03:41 pm
I am going to file chapter 13 and I do not want to keep the house. Unfortunately I will have a deficiency once it goes to auction. Can the bank take out a loan in my name for the deficiency? How will the foreclosure and chapter 13 affect me credit is it a double hit?
My ex moved in next door. Things are getting a little crazy and I need to run. I am upside down on my house about 100k. I am afraid the bank will come after me. I went to a bankruptcy attorney and this was his suggestion.
hi lourdes,
i'd rather advise you to keep your home since you've thought of filing chapter 13 bankruptcy. it'll actually help you make payments on your mortgage through a 3-5 year plan as approved by your lender and the court involved.
if you file chapter 13, it'll put an automatic stop to any legal actions against you. for instance, your lender won't be able to foreclose on your property. so, there's no question of a deficiency judgment while you're under chapter 13 plan. also, the bank would not take out a loan in your name to compensate for the deficiency payment even if there would have been a foreclosure filed by the lender. i feel the bankruptcy attorney has given you the right advice by suggesting that you file chapter 13.
regards,
jessica
i'd rather advise you to keep your home since you've thought of filing chapter 13 bankruptcy. it'll actually help you make payments on your mortgage through a 3-5 year plan as approved by your lender and the court involved.
if you file chapter 13, it'll put an automatic stop to any legal actions against you. for instance, your lender won't be able to foreclose on your property. so, there's no question of a deficiency judgment while you're under chapter 13 plan. also, the bank would not take out a loan in your name to compensate for the deficiency payment even if there would have been a foreclosure filed by the lender. i feel the bankruptcy attorney has given you the right advice by suggesting that you file chapter 13.
regards,
jessica
[System detected duplicate content; converted into image. Thanks]
Why they pasting copied on this forum ?
That means need strict rules for that.
That means need strict rules for that.
