Lawyer

[meetsv]

Good Evening,

I paid my lawyer about 3 weeks ago, as of today the only thing I have from them was the link to take the credit counseling class. Should I be worry that they are taking to long or 3 weeks is normal to prepare your filing paperwork. Any inside would be greatly appreciated.

Thank you,

[lrprn]

I paid my lawyer about 3 weeks ago, as of today the only thing I have from them was the link to take the credit counseling class. Should I be worry that they are taking to long or 3 weeks is normal to prepare your filing paperwork. Any inside would be greatly appreciated.

There's no standard time that it takes from retaining your lawyer and having your case filed. A lot depends on your personal financial situation and how important it is for your case to filed in a certain time frame.

Are you facing a foreclosure or some other situation that you want to file right away?

[meetsv]

I just got a letter from my mortgage company giving me 30 days to pay my mortgage payments, I'm hoping that we file before the 30 days expire.

[lrprn]

I just got a letter from my mortgage company giving me 30 days to pay my mortgage payments, I'm hoping that we file before the 30 days expire.

So what did the mortgage company say would happen if you didn't pay? Are you late on payments now? If you are late, how behind are you?

[meetsv]

The mortgage company stated that we have until Sep 3 to bring the payments up to date, if not they will start the forclosure process, I'm two month behind. I'm upside down in the house, the house use to be worth approximately 260,000 and now about 130,000.

[fooked]

depending on what locality you're in, you have months...

[justbroke]

The mortgage company stated that we have until Sep 3 to bring the payments up to date, if not they will start the forclosure process, I'm two month behind. I'm upside down in the house, the house use to be worth approximately 260,000 and now about 130,000.

Two things.

First, if the mortgage company sent you an NoD (Notice of Default) and has give you to September 2, 2009 to cure the default or they "may" accelerate your Note, then there is plenty of time before any foreclosure and subsequent quit/vacate notice is ever issued! You still have plenty of time to file

Second, is that $260K loan balance on a first mortgage only? I'm thinking... even if you have an 80/20 first and second mortgage, the first is $208K and the second was $52k. Even with a lien strip (of the 2nd), you'll still looking at being $78K underwater. You should be seriously considering surrendering that house in the Bankruptcy. I don't see any financial scenario that is screaming at me to tell you otherwise.

So, what type of mortgage(s) do you have on the home and what are the values of the mortgage(s)? What is your lawyer thinking (lien strip)?