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 jm0420
Joined: 11 Mar 2007
Posts: 1
1.31 Dollars($)
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 Posted: Sun Mar 11, 2007 7:49 am Post subject: Saving my home . . . |
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| I have no doubt that my loans have some predatory undertones and I am l now facing foreclosure. I have explored every avenue to prevent tmy home from being foreclosed, including filing for BK last week. My question is this. I am upside down in this mortgage. I owe substantially more than the home is currently worth according to an appraisal done by my lender's appraiser. Do I have any recourse to get the amount of my loans reduced? It seems unrealistic to expect me to pay so much more than the bank will be able to sell the home for. |
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Alex
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0.10 Dollars($)
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| Posted: Sun Mar 11, 2007 11:33 pm Post subject: |
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Jm,
I am not sure whether your loan transaction shows signs of predatory lending. And what type of bankruptcy did you file?
If it is a Chapter 7 bankruptcy, then your debts will be wiped out after discharge. The trustee will be selling all your assets to pay off the lender and creditors, if any. However, if it is a Chapter 13 bankruptcy, then you can still pay off the debt by an alternative repayment plan approved by the lender, the trustee and the court.
Usually one gets debt-free within a period of 3 to 5 years by following the repayment plan.
I have been giving these suggestions on a general basis, but do feel free to tell me what type of bankruptcy you have filed. I can then come up with more specific suggestions. |
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Deitz
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0.10 Dollars($)
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| Posted: Wed Mar 14, 2007 2:05 pm Post subject: |
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| Quote: | | I have no doubt that my loans have some predatory undertones |
Why do you think that you are a victim of predatory lending? |
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miller_st
Joined: 17 Jan 2007
Posts: 917
168.84 Dollars($)
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| Posted: Wed Mar 14, 2007 2:32 pm Post subject: |
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Did you ask the lender about a short sale where the lender will allow the house to be sold for a lesser value than he owes.
Also ask the lender if any loss mitigation plan will be possible to formulate in which the loan amount can be modified or a new repayment plan can be set. If the lender refuses to co-operate then take help of a foreclosure prevention counseling agency. They will talk with the lender and try to develop a repayment plan which you will be able to afford.
Always remember that foreclosure is not what a lender also looks forward to as the gains achieved from it for them is also not what would make them interested in foreclosing your property. If a plan is possible by which you can continue your payments then they will agree to it.
Miller |
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