“Filing Bankruptcy Would be a Crazy Idea”
My attorney gave me your contact information. My wife and I have been in forbearance for 15 months and are now attempting to figure out our next steps. Our lender has indicated that we need to come up with $18,900 to bring the loan current, which we don’t have. We originally went to the attorney to discuss bankruptcy, but he is advising against it.
Some additional information, we believe our home is worth $290,000, we owe about $198,000 including the arrearage. The attorney indicated that you understand issues like we are in. We would like to keep our home and at some point refinance so that we can do some home improvements. Can you communicate with me so that we can discuss?
Bankruptcy would be a crazy idea for these folks. After talking to them, they are both employed at this point, their credit is reasonably good and they can easily correct their forbearance.
They need to contact their mortgage servicer, let them know they want to start making their mortgage payments. Once they make 3 on time payments, they can come out of forbearance. The servicing company they needs to notify the credit bureaus, at which point a refinance can happen.
I contacted the attorney to compliment them for having the best interest of the client at heart.