legal implications and options in an upside down mortgage
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legal implications and options in an upside down mortgage
I am in the final process of Chapter 7 bankruptcy and I am unable to make my mortgage payments. I am in an upside down mortgage for $150,000.00. What should I do and what are the legal implications. Currently I am one month behind on my mortgage payments.
Asked on June 9, 2009 under Real Estate Law, California
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
We cannot render direct legal advice to you because a) we do not serve as your legal counsel, b) have not reviewed your entire bankruptcy filing and c) have not reviewed your mortgage.
You need to review the following, then contact the California Dept of Financial Institutions and see if the new California laws will be able to help you with your mortgage.
Further, consult with bankruptcy counsel. Try www.attorneypages.com and check his or her record at www.calbar.ca.gov under attorney search.
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