Received Wells Fargo Trial Mod Docs today

[calgirl67]

Only took them 3 days to send them after being told we qualify for the trial period. Amazing.

There's one clause in the Mod Trial Period Agreement that I need clarification on:
" G. If I have been discharged in a Chapter 7 bankruptcy proceeding subsequent to the execution of the Loan Documents. Based on this representation, Lender agrees that I will not have personal liability on the debt pursuant to this Plan. I understand and agree that the lender will not be obligated or bound to make any modification of the Loan Documents or to execute the Modification Agreement if the Lender has not received an acceptable title endorsement and/or subordination agreements from other lien holders, as necessary, to ensure that the modified mortgage Loan retains its first lien position and is fully enforceable."

What does this mean? Does that mean we cannot file Chapter 7? Does it mean we can't before the mod or does it mean we can't after the mod.

We were considering filing for Chapter 7 relief for huge credit card bills.

Can someone please clarify the above clause and explain what it means?? Thanks!

[B Stevens]

Subsequent means soon after or following in time. Sounds like they are retaining their right to collect money from you even if you declare chapter 7.
If you file before the permanent modification takes effect, the lien goes back to the original.

You may want to take some of the savings you are getting and pay minimums to the cc's until the mod is finalized.

[davephx]

But says "Lender agrees that I will not have personal liability on the debt pursuant to this Plan"

Isn't that Good?

I am not about to give legal advice to try and understand - only an attorney should but as layperson not sure it is that bad. The sentence is confusing however I wonder if the previous section is being referred to or something else.

[Garry]

Originally Posted by calgirl67

Only took them 3 days to send them after being told we qualify for the trial period. Amazing.

That is pretty amazing, don't blow it by worrying about G. Do not file anything until you complete your mod and it's a done deal, and like already mentioned, make your minimum card payments. This is no time to rock the boat.

[calgirl67]

Originally Posted by Garry

That is pretty amazing, don't blow it by worrying about G. Do not file anything until you complete your mod and it's a done deal, and like already mentioned, make your minimum card payments. This is no time to rock the boat.

Yes we will hold off filing until after our loan mod is finalized. We are seeing a BK attorney next week to see how, if, how much it costs, etc. We'll show him that clause and see what he says.

As for making min CC payments, we have not paid on any of these cards since February 09. Nobody has sued us yet, only 1 has been sent to a collection agency. We sent that agency a cease desist letter and have not ever heard back from them.

When applying for our loan mod, we made it CLEAR we are not planning on paying these.

[whirlingbirdie]

Good luck! We are waiting for our Wells Fargo mod papers.