Legal Question in Real Estate Law in Nevada
Based on the Making Home Affordable modification program;
Can you put a 'deferred' portion of the mortgage into a Chapter 13 Bankruptcy?
i.e., home value is $450,000
amount owed is $709,000
Mortgage company wants to defer $259,000 for five (5) years
or, could it later be eliminated thru a Chapter 7 Bankruptcy?
1 Answer from Attorneys
If you want to pay the deferred portion of your mortgage off through a Chapter 13 bankruptcy, it will require you to pay this off over a 5 year period of time. How will that help you?
Unfortunately, although you can discharge your mortgage debt in a Chapter 7, in order to keep the property, you have to continue to pay 100% of the mortgage.
If you have a second mortgage, you may be able to lienstrip in a Chapter 13. For more information about lienstripping, go to www.lienstripping.com
Hope this perspective helps!
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
