legal implications and options in an upside down mortgage

UPDATED: Jun 9, 2009

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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


MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 13 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 and check his or her record at under attorney search.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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