We are going to file for chapter7, unable to payoff $900,00. Business loan, now being sued.

Asked over 3 years ago - Clermont, FL

I need to know if we would be able to keep our home in Florida , which is $100,00. Underwater. Can the mortgage co, be able to lower our interest on our loan or bring it to it's current value so we could affordably pay for it? Also,would I loose my car infiniti fx35 with about $20,000 left to pay on it.we really want to keep both?

Attorney answers (2)

  1. Lewis Matthew Roberts

    Contributor Level 16

    Answered . You need to see an attorney.

    No one can take your home. But if you want to try to modify the terms, there is a good program in chapter 13 to get the mortgage company at the table to mediate.

    If you owe more on the car than it is worth, then no one will take that either. You keep making the car payment.

    But you need to talk to an attorney and make sure your assets are protected.

    I handle cases in your area.

  2. Dorothy G Bunce

    Pro

    Contributor Level 20

    Answered . You may not qualify for a loan modification if you have too much debt, but don't have unrealistic expectations for a loan modification even if you do qualify. A loan modification is only a short term solution, & typically, lasts no more than 5 years. Don't expect the mortgage company to reduce your principal balance unless you can prove that the loan was handled in an unlawful way.

    If saving your home is important to you, get in to see a local bankruptcy attorney right away. It will be the best money you have ever spent. Hope this perspective helps!

Related Topics

Debt

There are different types of debt, but all involve one person (the debtor) owing money to another (the creditor). Terms of repayment are governed by a contract.

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