Legal Question in Bankruptcy in New York
chapt 7 bankrupcy - mortgage
My husband and I are both on our mortgage. I filed chapt 7 alone. Can we still keep our house if we continue to make payments? we fell into the exemption guidelines with our house appraisel. The account has been sent to bankruptcy/default dept.
1 Answer from Attorneys
Re: chapt 7 bankrupcy - mortgage
Have your attorney talk with your lender to see what that lender's policy is about bankruptcy; different lenders do handle bankrupt accounts differently. This situation can often be worked out with the lender, especially if the borrower is current on the payments.
Mortgage lenders, generally speaking (and there may be exceptions to this), prefer to have money coming in from a mortgage being repaid than to foreclose on a property and have all the headaches that go with owning and attempting to sell empty homes.
Good luck with it.
THE INFORMATION PRESENTED HERE IS GENERAL IN NATURE AND IS NOT INTENDED, NOR SHOULD IT BE CONSTRUED, AS LEGAL ADVICE. THIS POSTING DOES NOT CREATE ANY ATTORNEY-CLIENT RELATIONSHIP BETWEEN US. FOR SPECIFIC ADVICE ABOUT YOUR PARTICULAR SITUATION, CONSULT YOUR ATTORNEY.
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