Residence $1.3MM mortgage MERS/AHMSI for Deutche Bank signed up with Precision Law Center to stop foreclosure and had to file Ch13 instead. 2 rentals all little equity or neg-equity, not in foreclosure, but stopped paying to seek mods. Over limits for ch13, did pro se filing to buy time. Need to convert to 11 or 7 this month or be dismissed. Can’t afford lawyer, little or no income last 6months. Ch11 is expensive ($15K retainer), judge warned me about pro se being difficult to get through.
Ch 7 seems best solution to wipe out $600K unsecured debts. But I really dont want to lose any of the houses as together they are on a prime 1acre lot.
I would love to find a legitimate mass joinder of the Precision Law Center ilk, just a real one, with honest case. In leui of that, I am wondering if I am better off letting the ch13 dismiss, then letting the foreclosure get a new sale date about 30days out, pay up the other houses, then file a new ch7 the day of sale to get a new stay of aprox 30 more days, then a new 30 days until next sale date.
Why? It would secure the other houses, but my concern is they might not remain in my possession through the ch7. So I need some help thinking thru this.
Does an honest Mass Joinder exist of the Precision Law Center type?
If my rental houses are paid up outside of a ch7, and they are not primary residences, will the bank take them back if I file a ch7 or leave them with me?
You are trying to save houses with mortgages totaling well over $1 million. You need to find a way to hire an attorney.
Most attorneys do not file chapter 11s, and you saw the size of the average retainer. So I would never suggest anyone file a chapter 11 pro se.
Chapter 7 does not help you. It can only delay the foreclosure for 30 days, as you stated. And you also don’t want to be labeled a repeat filer – which could cause you to be barred from filing any further bankruptcy cases.
As to chapter 7, if the investment properties are liened for more than they are worth, and generate no income beyond the mortgage payments, then there is nothing the chapter 7 trustee would want to take.
I suggest this to everyone, but especially for you: please see a bankruptcy attorney immediately, and find a way to pay him or her. There is no substitute for proper representation – especially with a case as complicated as yours.
My name is Lewis Roberts and I’m an attorney licensed in Florida and Georgia. My practice focus is consumer bankruptcy, real estate issues/closings, and mortgages. I also have Florida real estate broker and mortgage broker licenses. I am a proud member of the National Association of Consumer Bankruptcy Attorneys (NACBA), National Association of Consumer Attorneys (NACA), and a graduate of Max Gardner’s Bankruptcy Boot Camp. I enjoy helping people with decisions that impact their financial well-being.
Legal Disclaimer: This is for educational purposes only. It is not to be relied upon as legal advice. It also does not create an attorney-client relationship. No such relationship is formed with attorney without a written agreement.
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