Can I File Bankruptcy?

[lanniej]

Hello all,

I own 2 homes. I purchased the home I'm living in late 2006 & acquired my grandmother's home March 2007. I was able to pay my mortgages, but I am self employed & suffered a reduction in income at the end of 2007. Both of my homes were in foreclosure, but I was able to get my loans modified. My residence payment went up $825 with the modification & since purchasing the home, the value has decreased $400k! My rental property was just reinstated without add'l money added to payment. I was trying to sale the rental home, but the value went down on that one as well & I am now upside down. I am in talks to do a short sale, but no action thus far. I contacted Chase (residence) to see if they'd help lower my payment, but they said I cannot modify again eventhough my payment was increased. Can I file bankruptcy without losing my home?

[Moe Bedard]

Hi lanniej,


Welcome to the forum and thank you for joining...............

The best thing that you can do is to sit down with a bk attorney and go over all of your options with them. They will be able to map out a plan and also let you know what filing a bk would mean for the future. The consultations are usually free for this.