Mortgages & Bankruptcy
Home Mortgage after Bankruptcy
The best scenario for a homeowner in a bankruptcy proceeding is to find a way to keep the mortgage payments current. Once a homeowner obtains a second mortgage, or has gone through a bankruptcy and wishes to obtain a new mortgage, the scenario is less favorable. There are predatory lenders waiting to trap an unsuspecting homeowner into a product that may have hidden fees, or an interest rate escalation clause buried in the fine print. Our law firm has experience prosecuting those who engage in predatory lending actions and we have had success in our predatory lending litigation on behalf of our clients.
Our bankruptcy law firm has found that following a bankruptcy, there may be expanded loan fees, and late fees charge to the homeowner which may be a great deal higher then anticipated. In addition, a new lender may be very quick to foreclose on your property in the event of a missed payment. Our bankruptcy attorney will assist our clients in many ways, including protesting second mortgages. If there is a second mortgage that is unsecured, we may make a “pond objection” to remove the second mortgage. Was the interest rate provided before the homeowner signed the papers? Our bankruptcy law firm will look closely at the mortgage papers to see if there is any way to remove the second mortgage. The first mortgage is another matter. If you have a valid mortgage and you file a Chapter 13 bankruptcy, you can not modify the mortgage other than simply making it current.
If you have questions about a mortgage after bankruptcy filings, our bankruptcy attorney can answer them. Ask Richard is a feature on this website where other individuals have been provided with answers to their questions. You may post your question and receive an answer online.
We also have provided the answers to more generic frequently asked questions about bankruptcy matters. Perhaps your questions are similar.
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To schedule an appointment, please call our law office today, or contact our bankruptcy law firm via the Internet. For your convenience, we have two office locations for in-person consultations.
