Legal Question in Bankruptcy in Virginia
I moved out of my home approx. 6 months ago when I lost my job. I knew I could not pay the mortgage. I got another job after I had moved out. My home is almost in foreclosure and I am trying to avoid foreclosure. I am willing to keep my home. I have tried to work out a mortgage modification with the lender (CitiFinancial) to lower my payments to no avail. In fact they want me to pay my mortgage payment of $900 plus $300 extra for the payments I have missed. I am single & I receive a pension and work part-time (Monthly income approx. $3K). I have done the math and I cannot meet monthly obligations like utilities and car payment if I agree to this payment arrangement. My lender tells me they will foreclose, pursue a deficiency judgement, and garnish my wages. Can I file bankruptcy on the deficiency judgement?
2 Answers from Attorneys
Yes. A bankruptcy will eliminate the deficiency. If you have enough income you might be able to keep your home by filing chapter 13. Please see my site for more info.
Before you give up your house to your bank, you should explore foreclosure defense options. If your mortgage loan was issued within the past 7 years, there is a good chance the issuer violated a host of federal and state laws when originating your loan. Based on these violations, there may be a way to obtain a "forced" loan modification from your bank. Contact us through our website at bryllaw.com or at 202-360-4950 to discuss your options.
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