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home4u · 12-29-2008, 05:37 PM

I was so glad to find this site, have been reading and learning a lot. I have a couple of questions. Here is our situation as brief as it can be. We had a business that relied heavily on the housing/building industry. Since it's demise, we had to file business and personal bankrcy (chapter 7,expected discharge 3/2009). I have since gotten a job and dh continues to run a different small business.

We have 2 mortgages, 1st $239,000/litton loan arm/adjusted twice/current, 2nd 59,000/gmac/fixed 11.4% (i know)/also current. Home value $160,000, purchase price $300,000 in FL. My concern is when my 1st mortgage adjust again in March 2009, I am sure we wont be able to afford it, also the 11.4% is killing us. I know we have to keep our mortgage current while in ch 7 (which we are able to do), but another adjust would be hard to pay.

My question is once we are out ok ch 7, do we have to wait until we fall behind before we request a loan mod? Will they even deal with us so fresh out of bankrcy? Hindsight, we should have done a mod before we did our bankrupcy, but we had creditors suing our business and judgements starting. We really want to keep our house as we have 5 kids and are in a great school district and great neighborhood.

Any advice would be appreciated.

12-29-2008, 05:37 PM	#1 (permalink)
home4u Junior Member Join Date: Dec 2008 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Loan Mod while in Ch 7 bankruptcy I was so glad to find this site, have been reading and learning a lot. I have a couple of questions. Here is our situation as brief as it can be. We had a business that relied heavily on the housing/building industry. Since it's demise, we had to file business and personal bankrcy (chapter 7,expected discharge 3/2009). I have since gotten a job and dh continues to run a different small business. We have 2 mortgages, 1st $239,000/litton loan arm/adjusted twice/current, 2nd 59,000/gmac/fixed 11.4% (i know)/also current. Home value $160,000, purchase price $300,000 in FL. My concern is when my 1st mortgage adjust again in March 2009, I am sure we wont be able to afford it, also the 11.4% is killing us. I know we have to keep our mortgage current while in ch 7 (which we are able to do), but another adjust would be hard to pay. My question is once we are out ok ch 7, do we have to wait until we fall behind before we request a loan mod? Will they even deal with us so fresh out of bankrcy? Hindsight, we should have done a mod before we did our bankrupcy, but we had creditors suing our business and judgements starting. We really want to keep our house as we have 5 kids and are in a great school district and great neighborhood. Any advice would be appreciated.