Loan Modification Forum - LoanSafe.org - View Single Post - Loan Modification after Chapter 7 Discharge

rollercoaster · 04-24-2009, 08:16 AM

My Ch. 7 Bankruptcy was final last October. I did not reaffirm my mortgages. I had a 1st mortgage with CW and a 2nd with Citibank. I'm still living in my house, but haven't made a payment since last summer. My house is in the early stages of foreclosure.

I didn't reaffirm when I filed Ch. 7 because I had no idea what my financial situation might become. After working diligently, in January, I was able to land a great job that is secure and pays me quite well. With a loan modification, I could likely afford my house again. I called CW and they told me to right the letter, and fax it with pay stubs, bank statements, etc.

But, I have a few questions I'm hoping some of you might be able to help me with.

So, right now, I have no claim to this property or debt. Can CW do a loan modification with me? Or is what they'll do a reaffirmation of the previous loan? If I go that route, will I be able to build equity in the house again? Will I be able to sell it? What about the 2nd mortgage with Citibank?

Thanks for your help and this forum!!!

04-24-2009, 08:16 AM	#1 (permalink)
rollercoaster Junior Member Join Date: Apr 2009 Posts: 4 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Loan Modification after Chapter 7 Discharge My Ch. 7 Bankruptcy was final last October. I did not reaffirm my mortgages. I had a 1st mortgage with CW and a 2nd with Citibank. I'm still living in my house, but haven't made a payment since last summer. My house is in the early stages of foreclosure. I didn't reaffirm when I filed Ch. 7 because I had no idea what my financial situation might become. After working diligently, in January, I was able to land a great job that is secure and pays me quite well. With a loan modification, I could likely afford my house again. I called CW and they told me to right the letter, and fax it with pay stubs, bank statements, etc. But, I have a few questions I'm hoping some of you might be able to help me with. So, right now, I have no claim to this property or debt. Can CW do a loan modification with me? Or is what they'll do a reaffirmation of the previous loan? If I go that route, will I be able to build equity in the house again? Will I be able to sell it? What about the 2nd mortgage with Citibank? Thanks for your help and this forum!!!