Question: I recently had to file a Chapter 7 Bankruptcy to keep my property from foreclosure. Subsequent to the filing of Chapter 7 Bankruptcy, can I still manage to get a loan modification or sell my property through a regular listing?
Response: Yes, after you assume the loan through the Chapter 7 Bankruptcy and the stay is lifted or Chapter 7 Bankruptcy is discharged, you can still try to work out loan modification with the bank. Foreclosure or possibility of loan modification is not affected by Bankruptcy unless you surrender the property or the property is taken away. Now, you have the option to try to work out different loss mitigation options (i.e. loan modification) through the Bankruptcy court. Talk to an experienced attorney to determine the best option for you.
In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.
The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
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