Legal Question in Real Estate Law in California

ARM loan

I bought a home several years ago with a ARM. but since then i have tried to refinance,unfortunely i cant since the house lost a huge amount of equity, in 2005 my home was worth 345.000 , purchase price was 245.000 now estimated value is 214.000 so im having refinance problems to solve the 800.00 mortgage increase due to the ARM, can A bankruptcy help me solve this problem.

Asked on 4/28/08, 10:04 am

2 Answers from Attorneys

Mitchell Roth MW Roth, Professional Law Corporation

Re: ARM loan

Not at present. You may want to give me a call as a client of mine may have a viable option for you.

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Answered on 4/28/08, 2:17 pm

Carl Starrett Law Offices of Carl H. Starrett II

Re: ARM loan

A bankruptcy will not remove the lender's lien from your home and there is presently no way use bankruptcy to force the lender to change the terms of the loan. You need to be in a fixed rate mortgage. If you can't make the payments and the lender won't work with you, bankruptcy will only delay the foreclosure. If you have other debt problems, bankruptcy might help you in those areas. However, you need to consult with a local bankruptcy attorney for further assistance.

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Answered on 4/28/08, 10:44 am

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