Help after Ch.7 - Loan Modification Forum

cgrl2005 · 09-07-2009, 07:44 PM

If any of the attorneys here can please confirm this it is greatly appreciated. I filed for Ch.7 BK earlier this year in CA and it was discharged last month. In the BK paperwork, the boxes next to the mortgage info the (other) box was checked. I am currently working on a loan mod. but it is not looking good. According to my attorney becuase we did not reaffirm and the other box was checked we can walk away from the house with no repercussions (other than the negative credit). Does this information sound correct? Once again thank you for your time and knowledge.

Nathan Fransen Esq. · 09-07-2009, 08:22 PM

Really can't give specific advice on your situation, but it sounds like you are getting good advice from your BK attorney.

In general, a Ch 7 discharge does absolve a borrower of liability on any potential deficiency judgments, provided the loan was taken out prior to the BK filing.

RSMMOM · 09-08-2009, 06:00 PM

Our Ch. 7 was discharged in Oct. 08'. Can anyone tell me how long the stays are in place for loans not reaffirmed? i.e. house, travel trailer etc.??? If they are still in place does that mean the creditor would have to go to court to have it removed before they can foreclose or repo?? Any info is greatly appreciated!

09-07-2009, 07:44 PM	#1 (permalink)
cgrl2005 Member Join Date: Mar 2009 Posts: 6 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Help after Ch.7 If any of the attorneys here can please confirm this it is greatly appreciated. I filed for Ch.7 BK earlier this year in CA and it was discharged last month. In the BK paperwork, the boxes next to the mortgage info the (other) box was checked. I am currently working on a loan mod. but it is not looking good. According to my attorney becuase we did not reaffirm and the other box was checked we can walk away from the house with no repercussions (other than the negative credit). Does this information sound correct? Once again thank you for your time and knowledge.

09-07-2009, 08:22 PM	#2 (permalink)
Nathan Fransen Esq. California Attorney Join Date: Mar 2009 Location: Southern California Posts: 73 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Help after Ch.7 Really can't give specific advice on your situation, but it sounds like you are getting good advice from your BK attorney. In general, a Ch 7 discharge does absolve a borrower of liability on any potential deficiency judgments, provided the loan was taken out prior to the BK filing. __________________ Nathan Fransen Attorney Fransen & Molinaro Law Firm (951) 520-9684 www.loanlaw.net Disclaimer: The comments by me are for informational purposes only and not for the purpose of providing legal advice. NO ATTORNEY-CLIENT RELATIONSHIP IS CREATED. You should contact your attorney to obtain advice with respect to any particular issue or problem.

09-08-2009, 06:00 PM	#3 (permalink)
RSMMOM Senior Member Join Date: Jan 2009 Posts: 42 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Help after Ch.7 Our Ch. 7 was discharged in Oct. 08'. Can anyone tell me how long the stays are in place for loans not reaffirmed? i.e. house, travel trailer etc.??? If they are still in place does that mean the creditor would have to go to court to have it removed before they can foreclose or repo?? Any info is greatly appreciated!

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