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Timothy Gordon Cook's Answers

Timothy Gordon Cook
Atlanta Chapter 7 Bankruptcy Attorney.
Contributor Level 5

1

Attorney answers:

  1. Timothy Gordon Cook

If I make the Temporary Payment the lender wants, am I liable for the current balance, even after I put the Mtgs through BK 7?

Asked by a user in Las Vegas, NV - over 2 years ago.

If you did not reaffirm the mortgages you have been discharged of the debt. Keep in mind this concept. The first and second lenders record a mortgage against the property. So if you don't pay either one, they could foreclose against the property itself, but you personally cannot be held liable for the debt. If you are now trying to modify keep that in mind. They have no leverage except to take the property back. Good luck on modification. The banks are currently modifying 6 to 8 percent of the...

1

Attorney answers:

  1. Timothy Gordon Cook

Bankruptcy discharged Jan '09. House not re-affirmed, lien on property through $12k LOC, made every payment on time. Am I safe?

Asked by a user in Indianapolis, IN - over 2 years ago.

This is the current status in this mess. The attorney probably could not get a reaffirmation agreement from the lender. Reaffirmations are typically on cars, pmsi interests types, maybe second mortgages. By not reaffirming, the only thing you are probably missing is the report of prompt payments on your mortgages. Even then they are so messed up they may be reporting you as on time in payments. As long as you are making the making the payments on both mprtgages you are safe. If you were solely...

2

Attorney answers:

  1. Mohammad Ahmed Faruqui
  2. Timothy Gordon Cook

Had a chapter 7 discharge of mortgage. Does wait time for new mtg. start from discharge or when bank gets around to taking title

Asked by a user in Ocala, FL - over 2 years ago.

Good question. Time starts from when you are discharged. This has gotten to be a big problem. Before you would state I intend to surrender and the bank takes back property. Now what they are doing is not foreclosing until many months later after you receive your discharge if even then. You have been discharged of the debt to the mortgage company. You are right in saying 2 years to get an FHA type loan from discharge. A normal conv. loan will take you at least 4 years from discharge to obtain....