Old 07-28-2009, 11:17 AM   #1 (permalink)
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Help! Is Trial Modification agreement a reaffirmation of Chp 7 filed-mortgage?

Help ! Help! Help!

Our trial mod pckg was received 7/17/09 and our BK attorney said the questions I have need to go to a real estate attorney. ARGH!

If we sign a trial modification & send the payments (1st payment due on Aug 15th), and Wamu/Chase deems us unworthy of a final modification afterward, are we re-affirming our original debt ?

The Bankruptcy statement ("If you are currently subject to the protections of any automatic stay in Bankruptcy, or have obtained a discharge in a bankruptcy proceeding, nothing in the trial period plan, any final modification agreement, or any other document executed in connection with this offer shall be construed as an attempt by us to impose personal liability for the loan.") applies to us, as we were discharged in May.....but!

There is a clause in Section 2. The Trial Period Plan Letter F. "If prior to the Modification Effective Date, (i)the Lender does not provide me a fully executed copy of this Plan and the Modification Agreement; (ii) I have not made the Trial Period payments required under Section 2 of this Plan; or (iii) the Lender determines that my representations in Section 1 are no longer true and correct, the Loan Documents will not be modified and this Plan will terminate. In this event, the Lender will have all of the rights and remedies provided by the Loan Documents, and any payment I make under this Plan shall be applied to amounts I owe under teh Loan Documents and shall not be refunded to me; and

So....which one is truth for us who have been discharged in Bankruptcy already?

Forget about the 2nd sitting in charge-off right now....that's a whole other set of questions, but my head is spinning right now.

Help?

thanks!


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