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I am 2 months behind my mortgage, can I file chapter 7?

Baltimore, MD |
Attorney answers 5

Posted

There is no way to answer. The answer requires many more details, and even if you could it may or may not lead to you keeping your house. Make appointments with a couple lawyers in your area to go over all the details and options.

Posted

not enough information but the question is whether you want to save the home. Chapter 7 won't do that if you are behind Call a bankruptcy lawyer for a consultation. My typical FREE consultation takes 30-45 minutes of give and take conversation so answering questions like that in this forum really is not the best way to get good information.

This is not to be considered legal advise and no attorney client has been established.

Asker

Posted

I requested a loan modification from my lender, I was told last Friday that I was not approved due to a deficit in my finances to pay back in the rear payments.

Jeffrey P Nesson

Jeffrey P Nesson

Posted

Not sure why that makes a difference in filing a c. 7 or whether a chapter 13 would not be more appropriate for you. Bits and pieces of information without complete picture really don't help me help you.

Posted

The decision about which chapter to file (and whether to file at all) is based on a multitude of factors. Generally speaking it is not realistic to get a truly useful answer without consulting with an attorney in person so that your facts can be explored fully. Happily, virtually all consumer bankruptcy attorneys provide a free consultation -- so you should be able to get the information that you need without cost.

Look for someone experienced and get the advice you need tailored directly to your facts before making any decisions.

If you'd like to chat with me about options, I'm happy to do so.

Larry Holzman
301-876-4393

Posted

Whether you can file or should file requires and evaluation of your financial situation. You should consult an attorney.

Posted

You can, but please note that a Chapter 7 case is identified as a liquidation case. The big question I would ask, is what is your ultimate goal. If you are seeking relief from and are overwhelmed by unsecured debt which is preventing you from paying the mortgage regularly, and can immediately after being relieved from the repayment of these other debt, catch up the two (2) months in arrears, fairly quickly, then I might say yes. However, there are other questions, the biggest would relate to who exactly owns the home, how is it titled, what is the value of your home and other assets, what is the household income and the amount of the mortgage balance. Of course, there are many others questions, I would ask before I would feel comfortable giving a final answer. Depending upon these answers, I might suggest a Chapter 13. In any event, you need to speak to a bankruptcy attorney before you make any decisions. The wrong decision could cost you the house.

The information provided is based upon limited information and is not intended to be final advice.

Jeffrey P Nesson

Jeffrey P Nesson

Posted

How can you say "You can..." even provisionally without knowing income, whether prior bk has been filed, value of assets, etc. I know then hedged your bets but the OP still sees those first unequivocable words.

ShaRon Marie Grayson Kelsey

ShaRon Marie Grayson Kelsey

Posted

thank you for your comment, however, it is "possible", however, as stated, there are many unanswered questions and an attorney consult is advised. I think my answer in total was clear.

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