Kenneth L. Gross’s Answers

Kenneth L. Gross

Franklin Health Care Lawyer.

Contributor Level 3
  1. In foreclosure should I file chapter 13 or 7

    Answered 12 months ago.

    1. Shaye Larkin
    2. Brett D Weiss
    3. Steven Patrick Taylor
    4. Kenneth L. Gross
    5. Richard D. Granvold
    6. ···
    8 lawyer answers

    It depends. If you file a Chapter 13 before the home goes to sale at auction (in Michigan) the foreclosure is stopped and you can cure the arrearage by paying the amount over 60 months, provided you meet the Chapter 13 requirements. A Chapter 7 will not stop the foreclosure but has the benefit of discharging the obligation so you can't be held liable for the deficiency (difference between the foreclosure price and the debt owed) if the lender pursues you in a deficiency state. We like to...

    3 lawyers agreed with this answer

  2. I had a HELOC that ballooned in March. I started the process for a loan modification with Bank of America in January to take

    Answered over 2 years ago.

    1. Dominic Silvestri
    2. Kenneth L. Gross
    2 lawyer answers

    There are three ways you can exclude the cancelled debt from income: First, if the mortgage debt was used for the purchase or improvement of the home, then under the Debt Relief Act (which presently expires on 12-31-12), the Cancellation of Indebtedness Income arising from the Bank's actions can be excluded from ordinary income. If, however, the HELOC proceeds were used for other purposes, then the exclusion only applies to portion applicable to improvement/purchase of the home. The second...

    1 person marked this answer as helpful

  3. Should I hire a attorney to assist agent in short sale process? Do I have other options besides bk if short sale is denied?

    Answered 12 months ago.

    1. Lawrence Opalewski Jr.
    2. Kenneth L. Gross
    3. Robert J Adams Jr.
    3 lawyer answers

    If you're going to do a Short Sale, an attorney that knows the process is a great benefit for two key reasons. First (which would have helped you) is that before the process begins, the attorney that knows the relevant guidelines of the lender or Fannie or Freddie, will assist in planning so that you fit within the guidelines (if that can be accomplished) or you don't begin the process. The second reason is that once a buyer is obtained, the attorney's role is to play hard ball with the lender,...

  4. What is the best way to settle debts or do offers in compromise, to Debtors and Collection agencies?

    Answered 12 months ago.

    1. Shaye Larkin
    2. Adam S. Alexander
    3. Dorothy G Bunce
    4. Charles R. Cuzydlo
    5. Kenneth L. Gross
    6. ···
    6 lawyer answers

    Step One is to make sure this is the least costly method of addressing the debt and that you do not have any need for short term credit. If you do, that should be completed first (i.e. lease or buy a car). Settling debt on your own can be done - but you are handicapping your ability because you will not be able to assess whether the deal is within the optimal range of acceptability. We resolve debt by refusing to pay and settling at the point of charge off or even after it is referred to legal...