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riley1p
205 Posts |
 Posted - 06/13/2008 : 2:46:50 PM
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| Can Chapter 13 save a forclosure? |
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katroberts
1211 Posts |
Posted - 06/13/2008 : 2:58:58 PM
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Yes, but the "Debtor" in bankruptcy will have to make payments to the Trustee to pay the regular and ongoing mortgage payments, the mortgage arrearage, any other secured and priority debts, any required amount to the unsecured creditors, and the trustee's commission on every payment over a 36-60 month Plan. Most pay over a 60-month Chapter 13 Plan.
The Petition must be filed before the sale occurs.
Advise if your client is in the Orlando area and if you need a good attorney referral for the client. I can give you a few names and numbers of attorneys that I know in the area. |
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chukamog
139 Posts |
Posted - 06/24/2008 : 11:58:19 AM
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GOOD ADVICE. I HAVE A CLIENT WHO IS 2YRS OUT OF BK, BUT WHEN I CHECKED HIS CREDIT REPORT, ONE OF HIS HOUSES THAT WAS INCLUDED IN THE CHAPTER 7 WAS SHOWING UP AS FORECLOSURE. HOW DO I CORRECT THAT?
CHRIS
quote:
Originally posted by katroberts
Yes, but the "Debtor" in bankruptcy will have to make payments to the Trustee to pay the regular and ongoing mortgage payments, the mortgage arrearage, any other secured and priority debts, any required amount to the unsecured creditors, and the trustee's commission on every payment over a 36-60 month Plan. Most pay over a 60-month Chapter 13 Plan.
The Petition must be filed before the sale occurs.
Advise if your client is in the Orlando area and if you need a good attorney referral for the client. I can give you a few names and numbers of attorneys that I know in the area.
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Dan-NewLifeLendi
289 Posts |
Posted - 06/24/2008 : 12:25:08 PM
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It depends. They can file for bankruptcy but will still have to end up making mortgage payments and a bankruptcy payment. If they dont keep up with their payments the lender can still foreclose. The lender simply files a 'Stay of Relief' then continues with the foreclosure. At that point the total arrearages become due.
Another thing to keep in mind is that when people file for a BK they typically put more than just their home in the BK so their payments can easily be larger than their current mortgage payments are--especially once attorney fees are tacked on. On top of all that, of course, is the credit's still going to be dinged for the next decade.
In other words, a BK isn't really the best option. As a Loss Mitigation company we naturally feel that we have the best product for such a person facing foreclosure. If you have any questions about our programs just drop a line---
Regards,
Dan
New Life Lending
http://www.newlifelending.us
dan@newlifelending.us
"Wholesale Loss Mitigation, Loan Modification & Debt Settlement Services in 41 states. Our programs turn your impossible loans into cold, hard cash."
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