What can I do to keep my home if I lost my job and unable to keep up with court payments on bankruptcy and mortgage? 4 Answers as of March 14, 2013

I got letter from my mortgage lawyers today about some type of motion. What are my options?

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Underwood & Riemer, P.C.
Underwood & Riemer, P.C. | James D. Patterson
Not much. If you don't have steady income and don't qualify for a possible modification with your mortgage lender, then you may have no choice but convert to a chapter 7 bankruptcy and discharge your debts. You will eventually be forced out of your home after a foreclosure and ejectment action is filed (in the state of Alabama).
Answer Applies to: Alabama
Replied: 3/14/2013
Meliha Babic | Meliha Babic
Foreclosure process can be quite lengthy with many letters and court documents sent and exchanged between the bank and the debtor. The best line of defense is to keep an open communication with the lender about your unemployment. From your question it is not clear what type of motion this is and how long you have lived in the home after stopping mortgage payments. The best suggestion is to contact an attorney in your area and for a small fee find our where you are in the process, have the lawyer review your legal papers and see if your lawyer can negotiate any sort of settlement or alternative arrangement with your lender. Banks are very willing to work with lawyers in these matters.
Answer Applies to: Washington
Replied: 3/14/2013
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
If you cannot pay for your bankruptcy or your mortgage, then your only scenario will be to retain a foreclosure attorney to slow the process as much as possible in the hopes that you get a new job and can afford to pay.
Answer Applies to: New York
Replied: 3/14/2013
Frank Law Group, P.C.
Frank Law Group, P.C. | David E. Frank
Best to confer with your BK lawyer who helped you file. A review of your history and current situation is required before a lawyer can advise you of your options. The mortgage company is probably going to file a motion with the BK court asking for permission to proceed with foreclosure since you are not making your payments. The court will likely grant that motion unless you have significant equity in the property (i.e., more than 20%). The bank may be willing to give you time to sell the property, or even do a short sale, but you really need to meet with an attorney who is knowledgeable about RE finance and BK law to properly advise you.
Answer Applies to: California
Replied: 3/14/2013
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