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| Loan Modification Learn everything you need to know about loan modifications. Can't refinance? Are you in a ARM mortgage that's adjusted or about to? Late on your mortgage? Then this section for you! |
This is a discussion on Loan Mod while in Ch 7 bankruptcy within the Loan Modification forums, part of the Foreclosure Process category; I was so glad to find this site, have been reading and learning a lot. I have a couple of ...
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| Loan Mod while in Ch 7 bankruptcy I was so glad to find this site, have been reading and learning a lot. I have a couple of questions. Here is our situation as brief as it can be. We had a business that relied heavily on the housing/building industry. Since it's demise, we had to file business and personal bankrcy (chapter 7,expected discharge 3/2009). I have since gotten a job and dh continues to run a different small business. We have 2 mortgages, 1st $239,000/litton loan arm/adjusted twice/current, 2nd 59,000/gmac/fixed 11.4% (i know)/also current. Home value $160,000, purchase price $300,000 in FL. My concern is when my 1st mortgage adjust again in March 2009, I am sure we wont be able to afford it, also the 11.4% is killing us. I know we have to keep our mortgage current while in ch 7 (which we are able to do), but another adjust would be hard to pay. My question is once we are out ok ch 7, do we have to wait until we fall behind before we request a loan mod? Will they even deal with us so fresh out of bankrcy? Hindsight, we should have done a mod before we did our bankrupcy, but we had creditors suing our business and judgements starting. We really want to keep our house as we have 5 kids and are in a great school district and great neighborhood. Any advice would be appreciated. |
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| Re: Loan Mod while in Ch 7 bankruptcy You can contact your mortgage company and ask if there is BK tech assigned to your account to obtain information about the possibility of a modification. Even if they have not assigned a BK tech you can always call for information to be ready when it does come up. If they refuse you can always ask for the BK department. They can start the mod process id they get the ok from BK attorney. Good Luck... |
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| Re: Loan Mod while in Ch 7 bankruptcy Thanks Cat and Mike..........I will call and see if they will work with us now or if not, wait until our discharge, which I hope comes soon. We had our 341 today and it seemed to go well, so now we play the waiting game. Thanks again you guys are the greatest, sooooo glad I found this sight. I would have been lost without it. |
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