I have had to sellers that I have been going back and forth about short sales finally decide to go into bankruptcy.  There is a couple of points they threw at me that I was not confident in there validity.  I wanted to throw this out to the group so I can get a better understanding.

  • Can you restructure mortgage debt in bankruptcy?  My understanding is that when you put your house in bankruptcy, you still need to make the mortgage payments and you have up to five years to catch up on the balance in arrears. 
  • Can you make second mortgages go away?  Again, my understanding has always been that there is not to much you can do with secured debt in a bankruptcy.

I would definitely love to hear what people have to say about bankruptcy and how it affects a potential foreclosure and a homeowners ability to keep their home.

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I read these forums quite a bit about being denied for loan modifications and going through the foreclosure process all the time. It's a pain in the butt.

I was facing a foreclosure so I started trying to get a loan modification on my house to stop it. Well my lender (Bank of America) spent months "reviewing" my application only to come back, say it was incomplete, and deny it. I was no further along then when I started. I really had no clue what I could do anymore at this point.  My situation was either really unique or I just had no idea what I was doing.I definitely though that my house was as good as gone and that I was going to have to stop trying. I found help using Yellowpages online directory which had a company i was real happy with. At the end of the day I was able to find Stop Forclosure Defence Attorneys to help me out and at least now the foreclosure process has been stopped and we're in the process of finalizing the loan modification.

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