Legal Question in Bankruptcy in North Carolina

My name is Kevin Abernathy my question is I payed the national improvement center 1800 dollars 16month ago to get my house payment modified through country wide home loans.Then.country wide was bought by the current lender bank of America home loans.I was told not to pay any more payments by NIC so I have not payed in 16 months.now bank of America is telling me they are going to foreclose on me.so what are my legal rights in NC.would filing chapter 13 or 7 allow me to keep my house at a lower payment .my payment is 849.00 mo.my income is 1700.00mo its me and my wife and 3 little kids with no other income.


Asked on 6/07/10, 6:04 am

1 Answer from Attorneys
Thomas Zimmerman Zimmerman Law Office

Roughly speaking, an individual with default as you describe could cure in a Chapter 13 plan if you could or make monthly house payments through a plan at $1,200 per month. This is 64% of your income and I cannot see how such a plan is feasible unless you take a second job for 60 months. You should consult a lawyer to review all of your loan documentation to see if relief is available under consumer protection laws and to see if the loan is of a type and the collateral is of a type to allow you to strip the lien down. There are other remedies, inside of bankruptcy and outside.

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Answered on 6/08/10, 6:02 am


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