Bowling Green, KY asked in Bankruptcy for Kentucky

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.

Related Topics:
1 Lawyer Answer
Justin Lee Lawrence
Justin Lee Lawrence
  • Bankruptcy Lawyer
  • Fort Mitchell, KY
  • Licensed in Kentucky

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:

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.