Cape May, NJ asked in Bankruptcy for New Jersey

Q: In chapter 13 for more then a year, found a great paying job and then got laid off !

I have been in chapter 13 for more then a yr. due to a death of a spouse and the loss of a job. I found another great paying job and went to court and the lender said, I could start paying my mortgage & back arrears again and the judge & trustee agreed, but the lender made me sign a paper stating that if I missed or was late with a payment they would foreclose in 60 days. I have been paying my mortgage & back arrears for a yr. now. Then right after New Year's I got laid off. I am 60 yrs. old and nobody wants to hire me even though I have over 35 yrs. in Plant management. I live in a resort town and in the dead of winter nobody is looking to buy a home so I am afraid they will foreclose. So I talked to a few attorneys who said, I can't get another mortgage for 8 yrs. even though I have good credit & money in the bank. But another attorney said, 2 to 3 yrs. And another told me that since I lost my job, have good credit and money in the bank I could probably get a mortgage in 45 days ?

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3 Lawyer Answers
Leonard R. Boyer
Leonard R. Boyer
Answered
  • Bankruptcy Lawyer
  • Clifton, NJ
  • Licensed in New Jersey

A: You need to have an in person consultation with an attorney who is actually and experienced mortgage foreclosure defense and bankruptcy attorney, who is familiar and knows how to utilize the Bankruptcy Court's mortgage modification program. But unless you can obtain employment or start a business and obtain regular income fast, you are going to be in serious trouble.

Michael David Siegel
Michael David Siegel
Answered
  • Bankruptcy Lawyer
  • New York, NY
  • Licensed in New Jersey

A: If you are in bankruptcy, you do not have good credit. Also, you cannot do anything with your mortgage without court and trustee approval. Thus, the advice you are getting makes no sense all around. If no foreclosure has started, it takes years to foreclose. If you want to sell in the Spring, you will have plenty of time. The problem is in bankruptcy that takes court approval as well. Your bankruptcy lawyer needs to review whether your case is helping you at this point.

Timothy Denison
Timothy Denison
Answered
  • Bankruptcy Lawyer
  • Louisville, KY

A: You need to consult an experienced mortgage defense attorney. You cannot possibly prevail without an attorney in this area, but a competent practitioner may be able to resolve this whole thing for you.

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