Q: Worked out a loan modification thru our attorney and lender.Lender backed out at last minute. do we need a new attorney?
We had a balloon mortgage. it matured and the bank would not refinance. we filed bankruptcy to try to save our home. The lender came up with a proposal and we agreed. We had a phone conference to finalize everything and at that point the bank backed out. Our attorney had no clue this was going to happen. Is this normal practice? Now our fate is in the hands of a judge. by the way, we have been making the mortgage payments for the last eight months.
A:
Probably not. Lenders are ridiculously flaky like that. If you are in bankruptcy and making mortgage payments, then the automatic stay is protecting your home.
Here is some information about bankruptcy's effect on foreclosures: http://www.lawrencelaws.com/getting-sued-by-lerner-sampson-rothfuss-a-northern-kentucky-foreclosure-story/
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