Legal Question in Bankruptcy in Massachusetts

saving my house

I have a home which is facing forclosure(protected by homestead act). I also, have several investement proertis facing forclosure..My question i can afford to pay for home mortgage and bk payment but not for investement properties...7 or 13


Asked on 11/14/06, 1:47 pm

2 Answers from Attorneys
Barry Levine Law Office of Barry R. Levine

Re: saving my house

A bankruptcy filing will impose the automatic stay in the various foreclosures (if this is not a serial filing). What happens next is up to you. If you are considering filing a bankruptcy, you should immediately take a credit counseling course. This can be taken online and is a condition precedent to a bankruptcy filing. Knowing the debt structure on your various properties would be essential in giving you an opinion. If one bank has a blanket mortgage on all of your properties, any deficiencies resulting from a foreclosure on your rental property could attach and increase the balance on your home mortgage. If different banks hold mortgages on your various properties, it may be possible to maintain your home and allow the investment properties to go to foreclosure. I would be happy to discuss this with you at length at your convenience.

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Answered on 11/14/06, 2:02 pm
Mildred Phillips Mildred N. Phillips, Attorney at Law

Re: saving my house

You need to schedule office conference with a bankruptcy attorney to explore your options. You need to do it immediately as time is of the essence.

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Answered on 11/15/06, 12:22 am


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