Posted on: 10th Apr, 2010 08:43 pm
we owe $84.000.00 back pymnts because of a bad Modification which took almost 3 yrs. My husband went into the Hosp. in 09 and had to have a Cancerous Kidney removed. Not working and only surving on Rental income and our Soc. Sec. money we could not pay our mortg. and also he has been out of work for 1 yr. My husband and I talked to a Lawyer and he mentioned something about Bankrupsy.. How does that work.. do you do a Chapt. 7,13 or what// We are in Forclosure and we don't want to move from here. so please let us know or rather explain what this entails
Hi barbier,
You can file Chapter 13 in this situation. Your lender would give you a repayment plan based on your present financial situation. As per the payment plan, you'll be able to pay off the loan within 3-5 years. Filing bankruptcy will also help you in stopping the foreclosure auction as the court will issue an automatic stay on all your creditors until your bankruptcy is discharged.
You can file Chapter 13 in this situation. Your lender would give you a repayment plan based on your present financial situation. As per the payment plan, you'll be able to pay off the loan within 3-5 years. Filing bankruptcy will also help you in stopping the foreclosure auction as the court will issue an automatic stay on all your creditors until your bankruptcy is discharged.