Comments on: Filing bankruptcy but keeping a mortgage; can bank evict? http://bankruptcy.hirby.com/filing-bankruptcy-but-keeping-a-mortgage-can-bank-evict/ Thu, 09 Sep 2010 15:42:47 -0700 http://wordpress.org/?v=2.8.5.2 hourly 1 By: Mark M http://bankruptcy.hirby.com/filing-bankruptcy-but-keeping-a-mortgage-can-bank-evict/#comment-14091 Mark M Wed, 10 Feb 2010 08:00:45 +0000 http://bankruptcy.hirby.com/filing-bankruptcy-but-keeping-a-mortgage-can-bank-evict/#comment-14091 This is strange. When you file for bankruptcy you include all your debts. Both the ones you are getting rid of, and the ones you keep, like a mortgage. The key is a balloon mortgage. During Bankruptcy, no one is allowed to do anything. After the bankruptcy is discharged, banks can act. For how many years was the balloon mortgage for? If a balloon mortgage is for 6 years, then it is for 6 years. At the end, you have to refinance or they will foreclose. Bankruptcy or no bankruptcy. If the 6 years are not up, you need to talk to your lawyer because the bank is trying to do an end run. However if the term is up, you have to do something. 1. Stop making payments and make them kick you out. 2, More reasonable, talk to the bank, a real person. Explain to them you want to keep the house, and you want to refinance at a good rate. If they refinance at a good rate, you will reaffirm the debt and they will not have to deal with another foreclosed property. 3 If the bank will not refinance at a reasonable price sell the house. 4. If you can not sell the house because it is underwater, stop paying and make them kick you out. Sadly, the bank is going to be stupid, and you will be kicked out. But it is not your fault. This is strange. When you file for bankruptcy you include all your debts. Both the ones you are getting rid of, and the ones you keep, like a mortgage. The key is a balloon mortgage. During Bankruptcy, no one is allowed to do anything. After the bankruptcy is discharged, banks can act. For how many years was the balloon mortgage for? If a balloon mortgage is for 6 years, then it is for 6 years. At the end, you have to refinance or they will foreclose. Bankruptcy or no bankruptcy. If the 6 years are not up, you need to talk to your lawyer because the bank is trying to do an end run.

However if the term is up, you have to do something.
1. Stop making payments and make them kick you out.
2, More reasonable, talk to the bank, a real person. Explain to them you want to keep the house, and you want to refinance at a good rate. If they refinance at a good rate, you will reaffirm the debt and they will not have to deal with another foreclosed property.
3 If the bank will not refinance at a reasonable price sell the house.
4. If you can not sell the house because it is underwater, stop paying and make them kick you out.

Sadly, the bank is going to be stupid, and you will be kicked out. But it is not your fault.

]]> By: Jared Bachman http://bankruptcy.hirby.com/filing-bankruptcy-but-keeping-a-mortgage-can-bank-evict/#comment-14090 Jared Bachman Wed, 10 Feb 2010 08:00:42 +0000 http://bankruptcy.hirby.com/filing-bankruptcy-but-keeping-a-mortgage-can-bank-evict/#comment-14090 Your sister doesn't need advice on Yahoo, she needs a lawyer. I would reach out to the attorney who handled her bankruptcy case and ask for advise. If she didn't file with a lawyer, I would advise she contact one who specializes in bankruptcy law to determine her rights. The bank has lots of high paid lawyers on their side, and it she doesn't have someone representing her, than regardless of what is right or wrong, it looks like the bank plans to have her removed from the property. Your sister doesn’t need advice on Yahoo, she needs a lawyer. I would reach out to the attorney who handled her bankruptcy case and ask for advise. If she didn’t file with a lawyer, I would advise she contact one who specializes in bankruptcy law to determine her rights.

The bank has lots of high paid lawyers on their side, and it she doesn’t have someone representing her, than regardless of what is right or wrong, it looks like the bank plans to have her removed from the property.

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