What to do Foreclosure or Chap 13 ? - Loan Modification Forum

akrb777 · 10-06-2008, 01:37 PM

I have a mtg with WaMu, now JP Morgan Chase, that was previously with AmSouth. I have owned my home for 10 yhears and have Florida Homestead. I had a Forbearance approved by WaMu but that has expired. I received a Notice for Summary Judgement for Foreclosure that takes place in Nov. Should I file Chapter 13 Bkrpcty ? I have been hearing alot about cases that Judges in Foreclosure proceedings are Denying the plaintiffs ( banks ) approval of the Foreclosure if they show up without the original Mtg paperwork to prove ownership of the note. A copy of the note simply proves they have been serving it but not ownership. This is getting very serious with the industry having sliced and diced the notes into securities and bundling them with other notes. Any help please ? ! ?

Moe Bedard · 10-06-2008, 02:47 PM

Hi akrb777,

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

The best thing that you can do for your situation is to meet with a BK attorney that is familiar with the foreclosure laws of your state to go over what the effects of each of these choices will have in regards to any deficiency or tax liabilities............
The decision that you have to make is a personal one that only you can make.......

10-06-2008, 01:37 PM	#1 (permalink)
akrb777 Junior Member Join Date: Oct 2008 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	What to do Foreclosure or Chap 13 ? I have a mtg with WaMu, now JP Morgan Chase, that was previously with AmSouth. I have owned my home for 10 yhears and have Florida Homestead. I had a Forbearance approved by WaMu but that has expired. I received a Notice for Summary Judgement for Foreclosure that takes place in Nov. Should I file Chapter 13 Bkrpcty ? I have been hearing alot about cases that Judges in Foreclosure proceedings are Denying the plaintiffs ( banks ) approval of the Foreclosure if they show up without the original Mtg paperwork to prove ownership of the note. A copy of the note simply proves they have been serving it but not ownership. This is getting very serious with the industry having sliced and diced the notes into securities and bundling them with other notes. Any help please ? ! ?

10-06-2008, 02:47 PM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What to do Foreclosure or Chap 13 ? Hi akrb777, Welcome to the forum and thank you for joining........... The best thing that you can do for your situation is to meet with a BK attorney that is familiar with the foreclosure laws of your state to go over what the effects of each of these choices will have in regards to any deficiency or tax liabilities............ The decision that you have to make is a personal one that only you can make....... __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

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