“Proper Planning for Bankruptcy and Foreclosure is Crucial”
Hi Rich –
The only thing that scares me is "if funding is realistic in 4 years" - that's a BIG "IF"! If I can get you into state court mediation, next spring will be a breeze. I'm pretty confident I can do that. If the court won't let you into mediation, I still think we're fine. The United States is a party to the foreclosure and when that is the case the lender has to have a foreclosure by sale, even if there is no equity. So that automatically takes more time.
I'd rather have you speak to a mortgage broker about the timing. You may want to reach out to Joe Petrowsky at Right Trac Financial in Manchester. He's fantastic. His number is 860-647-7701. Let him know you're a Chapter 13 client of ours.
This bankruptcy attorney is wise to have their clients get advice from a mortgage specialist when it comes to planning for their future mortgage needs. So often they give advice to their clients without truly understanding what the current guidelines are. The caveat that we give, these are the rules today however they can always change and sometimes things change in a less favorable way.
