Loan Modification and BK [Would I be able to keep house?] - Loan Modification Forum

scb2k · 10-25-2009, 02:57 PM

Hey guys I wanted to try and get my loan modified. I currently hold a 1st Mortgage for 407,000 and a 2nd "Line of Credit" for 157,000.

I was wondering if my bank works with me and assists me in modifying my 1st loan, would I be able to file for BK to get the 2nd loan discharged?

Would I loose my house if I did this? And, would the terms of my modification change?

Also it's important to make note that Wells Fargo owns both loans..

BobandArlyn · 10-25-2009, 03:18 PM

You should talk to an attorney - they have free initial consultations, a bankruptcy attorney. Get the straight facts for your situation.

We made sure we filed our BK first to keep the home. Filed mod second. But, we have no second.

Arlyn

scb2k · 10-25-2009, 03:43 PM

Arlyn did your bank work with you to successfully modified your loan after BK?

BobandArlyn · 10-25-2009, 03:56 PM

We are only in a Trial mod which started 11/1/09. Bankruptcy is definitely OK with regard to FreddieMac HAMP rules. Was never an issue at all except the Trial Mod letter you receive must go to the Trustee (at least here in CA, not true for all states) and be approved. It took a week for them to approve it (no court date, just time for Trustee to review and send a letter of OK). I would imagine when it comes time for a FINAL mod, it will have to go to court, but I can't be sure. I'll try to find that out.

10-25-2009, 02:57 PM	#1 (permalink)
scb2k Junior Member Join Date: Jan 2009 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Loan Modification and BK [Would I be able to keep house?] Hey guys I wanted to try and get my loan modified. I currently hold a 1st Mortgage for 407,000 and a 2nd "Line of Credit" for 157,000. I was wondering if my bank works with me and assists me in modifying my 1st loan, would I be able to file for BK to get the 2nd loan discharged? Would I loose my house if I did this? And, would the terms of my modification change? Also it's important to make note that Wells Fargo owns both loans..

10-25-2009, 03:18 PM	#2 (permalink)
BobandArlyn Senior Member Join Date: Sep 2009 Location: Santa Rosa, CA Posts: 374 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Loan Modification and BK [Would I be able to keep house?] You should talk to an attorney - they have free initial consultations, a bankruptcy attorney. Get the straight facts for your situation. We made sure we filed our BK first to keep the home. Filed mod second. But, we have no second. Arlyn __________________ __________________ Reps from loansafe needed for all states! If you are reading this thread, please join us in our effort to start mass campaigns on behalf of loansafe.org members. All ideas and input are welcome. See Thread title "Reps from loansafe needed for all states!"

10-25-2009, 03:43 PM	#3 (permalink)
scb2k Junior Member Join Date: Jan 2009 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Loan Modification and BK [Would I be able to keep house?] Arlyn did your bank work with you to successfully modified your loan after BK?

10-25-2009, 03:56 PM	#4 (permalink)
BobandArlyn Senior Member Join Date: Sep 2009 Location: Santa Rosa, CA Posts: 374 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Loan Modification and BK [Would I be able to keep house?] We are only in a Trial mod which started 11/1/09. Bankruptcy is definitely OK with regard to FreddieMac HAMP rules. Was never an issue at all except the Trial Mod letter you receive must go to the Trustee (at least here in CA, not true for all states) and be approved. It took a week for them to approve it (no court date, just time for Trustee to review and send a letter of OK). I would imagine when it comes time for a FINAL mod, it will have to go to court, but I can't be sure. I'll try to find that out. __________________ __________________ Reps from loansafe needed for all states! If you are reading this thread, please join us in our effort to start mass campaigns on behalf of loansafe.org members. All ideas and input are welcome. See Thread title "Reps from loansafe needed for all states!"

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