QUESTION
What can I do to keep my home if I lost my job and unable to keep up with court payments on bankruptcy and mortgage?
Asked on Mar 13th, 2013 on Foreclosures - California
More details to this question:
I got letter from my mortgage lawyers today about some type of motion. What are my options?
2 ANSWERS
Foreclosure process can be quite lengthy with many letters and court documents sent and exchanged between the bank and the debtor. The best line of defense is to keep an open communication with the lender about your unemployment. From your question it is not clear what type of motion this is and how long you have lived in the home after stopping mortgage payments. The best suggestion is to contact an attorney in your area and for a small fee find our where you are in the process, have the lawyer review your legal papers and see if your lawyer can negotiate any sort of settlement or alternative arrangement with your lender. Banks are very willing to work with lawyers in these matters.
Answered on Mar 14th, 2013 at 5:15 AM
1 Award
Best to confer with your BK lawyer who helped you file. A review of your history and current situation is required before a lawyer can advise you of your options. The mortgage company is probably going to file a motion with the BK court asking for permission to proceed with foreclosure since you are not making your payments. The court will likely grant that motion unless you have significant equity in the property (i.e., more than 20%). The bank may be willing to give you time to sell the property, or even do a short sale, but you really need to meet with an attorney who is knowledgeable about RE finance and BK law to properly advise you.
Answered on Mar 14th, 2013 at 5:14 AM