chap 7 discharged can i mod w/o reaffirm?

[chasex2]

question, i have been told if i mod my mtg it will undo the benifits of the chap 7 discharge. Is this true? I owe 300 k with the value about 2ook, with 160 first with chase and 130k 2nd with chase heloc also. Both have filed foreclosure, and the discharge was in feb o9 . thought i could mod only my 1st and the bk would charge off the 2nd...

thanks ,

jb

[mrbsf]

I am not an attorney, but I would guess that once you sign and submit the modification docs, you are contractually accepting the new modified terms. With this possibly being the case, I would only accept a modification you can truly live with, like a low fixed rate for the remainder of the loan, i.e. NACA restructure.

[chasex2]

fl attys???

[RedSoxFan]

you can't get a mod or truly even apply for one if you have an open BK unless you "remove" the mortgages (and property) from the filing, essentially by re-affirming the debt. consult your BK atty or hire one to assist as this is not a DIY project.

once a BK is discharged, it's discharged, a mod cannot undo a BK. while there is talk about BK judges being given permission to modify mortgages, it has not passed yet and prob won't. you prob want to get your finances together & reach out to a reputable mod company as well as a BK atty and get feedback from both before you make a decision. I imagine the results will based on the specifics of each person's scenario

[RedSoxFan]

Chasex2 - your BK is complete you simply present the details of your current situation (assets, equity, present day debt, income, hardship, etc) to a reputable modification company or attorney who specifically handles mods. there is no certification for a modification attorney nor is there for an other type of company so you really need to interview them thoroughly and follow your instincts just as you would when hiring anyone. I strongly recommend that you do not try to get a mod on your own for one simple reason - your mortgage company (most of them and I mean MOST) is going to look for a reason to decline your mod application. WHY? because they'd be losing tens of thousands of dollars if they do AND let's face it, how would you know if you qualified anyway? a reputable 3rd party who only receives comp if successful on your behalf does though b/c they have nothing to gain unless your loan is modified.

it's increasingly difficult to distinguish the good from the bad these days so it's important that you educate yourself as much as possible and ask as many questions as you can before you do anything.

[Marshall Rosenbach Esq.]

chasex2 - you really need to consult with a BK attorney in your area. I don't do bankruptcies, so I cannot help you. But if you need a referral, I am happy to direct you to someone in Florida. To me, it makes sense to spend a little money to get expert BK advice so you know you are getting the correct information.