Chapter7/MHA - Loan Modification Forum

Blackcandt · 08-08-2009, 07:51 PM

I thought I would start a new thread to get some feedback for all of us that are in Bankruptcy and going through this process. I am getting really conflicting answers from all sources. Does anyone know what the procedure is for the MHA program for someone in a chapter 7 or discharged from a chapter 7? Are you still eligible to remain in the MHA modification once you are discharged?

Lainy09 · 08-09-2009, 12:06 PM

A few months ago, before they "changed their calculators" Chase advised us we were eligible for the MHA program, despite our Ch 7 bk that had been discharged last year. At the time they didn't advise there were any additional procedures that had to be followed..We no longer qualify for the MHA and are now pursuing a regular mod with them, which we make a down payment for in August, then 2 trial payments in Oct/Nov, then re-apply for the actual modification. At this point I'm just going with the flow, but they aren't requiring anything else due to the bk, it doesn't really affect much. It also doesn't reaffirm the original loan, it's almost like a "ride-thru" in a way, just slightly more official as we'll be signing a contract. Once the contract arrives, I'll have more info on the language and can post about it.

Blackcandt · 08-09-2009, 09:13 PM

Lainy09,
Wow your story really gives me some hope that everything may just be ok. Do you know who your investor is or why you didnt qualify for the MHA program? As of right now our MHA modification has been completed and sent to the investor for approval. Can anyone tell me would they send it to the investor if the investor doesnt participate in the MHA program? Would they go that far with it?

Lainy09 · 08-09-2009, 09:24 PM

Blackcandt, I have to be honest, I've been confused about this whole "investor" thing...but I've been told we have a "mortgage backed security"...I know Bear Stearns was on all the original paperwork, and that at one point, on the stay of relief p-work filed w/the bk court, I saw "Wells Fargo" for the first time..so maybe that means they are the investor? Who knows? I'm not sure it even matters at this point for us... We were told we no longer qualified for the MHA program due to "insufficient income"...I might add that the income was exactly the same as it was when they originally told us we qualified..the best thing they could come up with was the whole we changed our calculators thing...it took me a long time to get over that, but I did, and I'm just trying to move forward and do whatever I can to stay in our home, within reason...I will certainly keep you posted. Good luck to you...I want so much to read of a success story here, I really do.

learning patience · 08-11-2009, 10:03 PM

Blackandt,

We filed chp 7 in February 09 (included house in a way that said, "we'll keep it if they decide to work with us on it, but if not, they can have it").

Submitted our first MHA app March 11 '09. Denied for 'insufficient income' July 3rd. Submitted 2nd application July 13th. Got our trial mod docs on July 17th.

The 'stay' on the house was lifted in late April. We were discharged May 28th.

????

My husband's ready to start making all the repairs & upgrades that need to be done here, but I'm saying "hold off" until we see a permanent modification! "trial period" was a MAJOR hurdle achieved after 18 months of not making a payment! But we're not in the clear yet.

Lainy....I am WITH you in the 'go with the flow' department!!! Keep hangin' in there!

We just sent in our 1st trial payment and agreement docs. *phew* Hopin' for some good news.

08-08-2009, 07:51 PM	#1 (permalink)
Blackcandt Senior Member Join Date: Mar 2009 Posts: 57 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Chapter7/MHA I thought I would start a new thread to get some feedback for all of us that are in Bankruptcy and going through this process. I am getting really conflicting answers from all sources. Does anyone know what the procedure is for the MHA program for someone in a chapter 7 or discharged from a chapter 7? Are you still eligible to remain in the MHA modification once you are discharged?

08-09-2009, 12:06 PM	#2 (permalink)
Lainy09 Senior Member Join Date: Jan 2009 Posts: 118 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Chapter7/MHA A few months ago, before they "changed their calculators" Chase advised us we were eligible for the MHA program, despite our Ch 7 bk that had been discharged last year. At the time they didn't advise there were any additional procedures that had to be followed..We no longer qualify for the MHA and are now pursuing a regular mod with them, which we make a down payment for in August, then 2 trial payments in Oct/Nov, then re-apply for the actual modification. At this point I'm just going with the flow, but they aren't requiring anything else due to the bk, it doesn't really affect much. It also doesn't reaffirm the original loan, it's almost like a "ride-thru" in a way, just slightly more official as we'll be signing a contract. Once the contract arrives, I'll have more info on the language and can post about it.

08-09-2009, 09:13 PM	#3 (permalink)
Blackcandt Senior Member Join Date: Mar 2009 Posts: 57 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Chapter7/MHA Lainy09, Wow your story really gives me some hope that everything may just be ok. Do you know who your investor is or why you didnt qualify for the MHA program? As of right now our MHA modification has been completed and sent to the investor for approval. Can anyone tell me would they send it to the investor if the investor doesnt participate in the MHA program? Would they go that far with it?

08-09-2009, 09:24 PM	#4 (permalink)
Lainy09 Senior Member Join Date: Jan 2009 Posts: 118 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Chapter7/MHA Blackcandt, I have to be honest, I've been confused about this whole "investor" thing...but I've been told we have a "mortgage backed security"...I know Bear Stearns was on all the original paperwork, and that at one point, on the stay of relief p-work filed w/the bk court, I saw "Wells Fargo" for the first time..so maybe that means they are the investor? Who knows? I'm not sure it even matters at this point for us... We were told we no longer qualified for the MHA program due to "insufficient income"...I might add that the income was exactly the same as it was when they originally told us we qualified..the best thing they could come up with was the whole we changed our calculators thing...it took me a long time to get over that, but I did, and I'm just trying to move forward and do whatever I can to stay in our home, within reason...I will certainly keep you posted. Good luck to you...I want so much to read of a success story here, I really do.

08-11-2009, 10:03 PM	#5 (permalink)
learning patience Senior Member Join Date: Apr 2009 Posts: 40 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Chapter7/MHA Blackandt, We filed chp 7 in February 09 (included house in a way that said, "we'll keep it if they decide to work with us on it, but if not, they can have it"). Submitted our first MHA app March 11 '09. Denied for 'insufficient income' July 3rd. Submitted 2nd application July 13th. Got our trial mod docs on July 17th. The 'stay' on the house was lifted in late April. We were discharged May 28th. ???? My husband's ready to start making all the repairs & upgrades that need to be done here, but I'm saying "hold off" until we see a permanent modification! "trial period" was a MAJOR hurdle achieved after 18 months of not making a payment! But we're not in the clear yet. Lainy....I am WITH you in the 'go with the flow' department!!! Keep hangin' in there! We just sent in our 1st trial payment and agreement docs. phew Hopin' for some good news.

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