Consumption and Real Estate
If you are long term unemployed and woefully delinquent in your mortgage, What can chapter 7 do for you?
Question : If you are long term unemployed and woefully delinquent in your mortgage, What can chapter 7 do for you?
If you are delinquent in your mortgage because you have been unemployed for a while and scrambling to get a job and none is forthcoming. Your lender is playing a frustrating game to avoid modification and has started forclosure proceedure. Can Chapter 7 do anything to help keep your home or probably delay the sale for you to get a job in California?
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Best answer:
Answer by Caveat Emptor
Filing BK will not save your house from lender foreclosure.
You can’t get a modification without a job, that would not do any good. You will still default. You bank is not playing a game, this is real life. In real life those that have no income tend to not pay their mortgage.
This will slow the foreclosure down 2-3 days only. You can not keep the house and declare it in a bankruptcy.