Who can help in post BK mortgage negotiations ?

[RickyC]

Who would be the best person to get advice from for dealing with mortgage lenders after BK discharge ? Our bankruptcy lawyer was very helpful in bk and said I was the best person to talk to the banks regarding our first and second.He said I could call him anytime and ask questions and he would help in that way. Our fees covered the bk and 341 only. We should get our discharge in about 6 weeks. Citi holds our first of 185000 plus 20000 past due.B of A holds the second of 208000.The house is worth 255000 to 278000 (zillow). I would like to stay in the house if we can make things worthwhile.Citi was granted the motion to lift the stay which I think speeds up the foreclosure process by about 30 days.We live in north San Diego county.Would a real estate lawyer be of help? Also approx. what kind of fees could I expect ? Any advice or help is most appreciated.

[HHM]

Ricky, I think you need to come to terms with the fact that you are probably going to lose the house, sorry to say.

You can try to get a mortgage modification (few attorneys are going to waste their time helping you with that since less than 10% of modifications are accepted, and it is doubtful you can afford an attorney to do it), but if you filed chapter 7 and the first mortgage filed for relief from stay, the writing is on the wall.

To get a modification, call the bank, YOURSELF, and start the process, that is about all you can do.

[SleepWellNow]

While we were awaiting our discharge, GMAC was granted a Motion for Relief of Stay. I called GMAC's BK dept. and requested they consider a loan modification. They turned me over to a negotiator who only handles BK cases. I sent in our financials/hardship package and we were offered a loan modification within two weeks (which we accepted). I have several other properties but those lenders required our case be discharged and closed before considering a mod. We are still waiting to hear on those. So, before you spend money on a real estate attorney, it might be in your best interest to call your lenders and see what they can do for you. A Motion for Relief of Stay doesn't always lead to foreclosure. It just gives the lender back the right to pursue foreclosure OR a loan modification, forebearance agreement, short sale, DIL, etc.

Good luck to you.

[RickyC]

Ricky, I think you need to come to terms with the fact that you are going to lose the house, sorry to say.

You can try to get a mortgage modification (few attorneys are going to waste their time helping you with that and it is doubtful you can afford it), but if you filed chapter 7 and the first mortgage filed for relief from stay, the writing is on the wall.

To get a modification, call the bank, YOURSELF and start the process, that is about all you can do.

I forgot to mention that when we first asked for a loan mod Citi said we would need to get rid of $900-1000 of payments.The bk will strip approx. $1400-1500.We both have stable jobs with a combined income of approx. $100,000.

[HHM]

Again, call the bank and start asking for a modification.