Not sure if this is the proper place to post this, but since it involves our home, here goes. My husband and I filed Ch.13 in May of 2008 and our 2nd mortgage was stripped. In July of 2009, our Trustee decided to raide our payment to $2000 a month and our lawyer would do nothing about it. We COULD NOT pay that amount so our bk was dismissed. Since then we have been working with most of the creditors and have been trying to pay things down ourselves. Wingspan Portfolio bought our 2nd Mortgage and recently offered us a Loan Mod. The paperwork we were sent really concerns me. It states that by signing we agree that we will not file bankruptcy and if we do we grant them relief from the automatic stay. I am really scared to sign. Our first mortgage balance is $104000 and the balance on the 2nd is $39000. Our house is worth 110000 on a good day. I know this was long winded but does anyone have any advice? Should we sign? The main reason we filed was because of tax debt and even though we are on a payment plan with the IRS, we were considering filing again because we can't handle all the collection calls. Thanks in advance.
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Cross out the provision that claims to deny you the right to file a bk and, if you do, gives the lender automatic relief from the stay if you do. Use a heavy black magic marker and initial the change.
I would love to represent you in a subsequently filed bk and haul the lender in front of a judge if it tries to enforce such a provision. In actuality however, I would not have to as any attorney the lender hires would advise the lender not to raise the issue.
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Even though it would probably not be enforceable, NEVER sign your rights away.All information contained in this post is for informational and amusement purposes only.
Bankruptcy is a process, not an event.......Comment
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