QUESTION
Is it possible to get the house and do one mortgage in it since it was not included in the bankruptcy?
Asked on Jul 11th, 2013 on Bankruptcy - Colorado
More details to this question:
My Uncle got behind on his mortgage. He filed a chapter 13; it put him paying three notes two mortgages and a bankruptcy note. He is now in jail and wants me to save the house. I have been trying with no one to give me straight answers. I would like to try to pull just the house out of the bankruptcy and do one mortgage on it that I can afford.
6 ANSWERS
Bankruptcy doesn't work in the way you are describing. It isn't possible to pull a debt out of a bankruptcy, and you can't pay only one mortgage when you have three. If your uncle can obtain financing to replace all three mortgages, he will need court permission to do this or he can drop his Chapter 13 bankruptcy case.
Answered on Jul 15th, 2013 at 8:46 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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Talk with his chapter 13 bankruptcy attorney before taking any steps.
Answered on Jul 15th, 2013 at 8:46 PM
Personal Injury Attorney serving Glendale, CA
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JT Legal Group
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You can probably do it. It's complicated and you need an attorney. There are many different approaches. For example, you uncle's attorney can do a motion to sell, and he can then sell you his house. You would need financing in that case. There are other approaches.
Answered on Jul 15th, 2013 at 8:46 PM
Deborah F. Bowinski
Your uncle must give permission for his chapter 13 attorney to speak with you. It seems unlikely that he (or you on his behalf) will be able to refinance two mortgages into one at the current time. Also, you do not state whether there are mortgage arrearages that are being cured through his plan. What you are asking about is not simple, and you will not obtain any useful, specific advice from an online forum such as this one.
Answered on Jul 15th, 2013 at 8:45 PM
General Law Attorney serving Cherry Hill, NJ
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Mark S. Cherry, Attorney at Law, PC
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You would have to purchase the house from him and obtain new financing.
Answered on Jul 15th, 2013 at 8:45 PM
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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It is your uncle's bankruptcy. He would have to dismiss the case, then you could help him refinance the house.
Answered on Jul 15th, 2013 at 8:45 PM