Loan mod in the midst of Ch7 Filing

[novemberbg]

Hello:

We are in FL - started the process of obtaining a loan mod with Chase and in the midst my husband filed for CH7 BK. He is in the thick of it now, it is not yet discharged.
We have just missed our 2nd mortgage payment with Chase.
We do have a negotiator but its stalling. We had all our docs in with them but then had to re do everything bc of the BK.
We paid 806k
We owe 698 (we put 20% down)
BPO is 515k (ouch)

My income has gone virtually to zero in the last 18 months while husbands is the same as before. his gross is approx 11k.
I have to wonder why the heck they would want this house back? They have someone already in it, with a stable income who just needs some sort of mod to make this work (current payment is 3700 and we really need it to be around 2900 given my loss of income).

Any advice regarding the BK in the midst of this? We are scared to reaffirm the asset clearly bc we are so underwater but really really want to keep our house. We have 4 kids and the thought of uprooting is a nightmare and we would have to rent something with a similar payment anyway!

Thanks for any advice you can spare

[PCBFL]

I am in the same situation here in Florida, we wanted to reaffirm IF we could get a modification. My lender Wachovia said they will not even entertain a mod unless we reaffrim and have been discharged. They will not even talk to me becuase the BK. I am 170K upside down and looking like that will grow as more foreclsoures are happening in may neighborhood and the banks just keep giving houses away. We decided not to reaffirm, try once we are discharged but honestly feel like we will be renters in about 4-6 months. I would not give up but that may be why they are stalling to see if you reaffirm. Once you reaffirm the ball is back in there court and they can come after you.