Home Loans and Support

modification denied, filing for Chapter 7 to stop foreclosure, attorney says he can get the loan mod

Discussion in 'Loan Modification' started by jkim2816, Sep 30, 2010.

  1. jkim2816

    jkim2816 LoanSafe Member

    Chase has had my modification application for the past 11 months. During that time, I have paid the modification trial payments on time every month but they denied me anyway. So now, to stop the foreclosure, I am filing for ch 7. The attorney tells me that he can modify the loan once I have filed. He says that he has had alot of luck doing this. Does anyone have any experience in this matter?

    I was denied because they would not accept my income information as I am sel employed. I wouyld think taht paying the trial payments on time for the last 11 months would mean something.
  2. goldie

    goldie LoanSafe Member

    I've heard mixed results, but I know several people on this forum have modified their loan after a Chap 7. Who is your lender? Was that your original lender or was the loan transferred? Do you have MERS on your mortgage? The reason I ask this, is that the lender who now services your loan may not have any right to modify it, collect on it or EVEN FORECLOSE on it.
  3. imlars

    imlars LoanSafe Member

    You reapply for a mod through the BK dept at the servicer. It's pretty much all the same paperwork and document requirements except that you will have to get a letter from the BK trustee stating that you are allowed to pursue a mod. Since they are going to require proof of income and your provided proof for the initial mod request was not acceptable you need to find out why it wasn't acceptable and remedy the situation.
  4. SereneJulie

    SereneJulie LoanSafe Member

    jkim2816-

    We filed Ch 7 on May 24th 2010, had Trustee meeting on June 16th, 2010 and received our discharge on August 17th 2010. Our attorney said that we would have to wait till after discharge to modify. (Houston, TX, don't know if he was correct on this). Between the time Chase was notified of our Ch 7 (May 2010)and the time that we received our discharge(August 2010), Chase opened an Escrow account in July 2010 on our loan to pay for our 2009 Property Taxes, which were being paid on a payment plan with the county. (We've always paid our own taxes and ins).

    Chase has told us numerous times that we needed to not be current on our mortgage to qualify for HAMP, so we got behind in the mortgage to pay for the property taxes on our county plan. Now Chase expects us to pay our $1800 monthly P & I payment AND a $1500 per month Escrow fee. Our property taxes are close to $8000 ($666/month=$8000/12) per year, and Chase wants us to pay in $18,000 (1500x 12 months)?

    Several attorneys I talked to today said that we won't have any luck suing Chase since we re-affirmed the debt w/ our Ch. 7. However, we reaffirmed BEFORE the escrow was set up, even though the Discharge wasn't issued until August. So if this gives you any questions to ask your attorney, there you go. And if he can help you, maybe he could help me?? Don't know what else to do here, except try a modification company, and keep interviewing attorneys...Anybody else got any ideas? 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  5. goldie

    goldie LoanSafe Member

    Serene, did you know you can rescind the reaffirmation? I believe there is a time limit though. You can also re-open your case, if necessary. Again, I don't know the time limit. The first thing I would do is check PACER (its free if you don't go over $10 worth of charges in a 3 month period), otherwise its 0.8 per page to see if they ever filed your reaff. If Chase never filed the reaff, you may be okay as far as that is concerned. Definitely don't rely on my advice and DO check with an attorney who is experienced in BK LITIGATION. Here's a list of BK attys who understand securitization and know how to litigate against the big banksters and beat them at their own games.

    http://www.maxbankruptcybootcamp.com/find-graduates
  6. SereneJulie

    SereneJulie LoanSafe Member

    Goldie-
    Thanks, did not know about Chase having to file the reaff or that I could rescind the reaff (possibly) may be an option...will check into and will check maxbankruptcy link. Haven't had much luck with any of Neil's attorneys who "Get It"...yet. thanks for some possibilities!
  7. goldie

    goldie LoanSafe Member

    Someone had to have filed it with the court in a "timely manner". I'm just not sure about the time - lol. But if they didn't (I believe Chase's atty should have filed it and not yours), this could be GOOD NEWS for you.

    PACER account is free for signup and like I said keep your usage under 10.00 every 3 months and its free use too. They will send you a an e-mail statement quarterly showing your usage. Too bad about Neil's list not working out. Guess I got real lucky. I've heard several other folks here didn't care for some of the Washington state attys on that list & had mixed results.
  8. yomann

    yomann LoanSafe Member

    Unless you or your attorney signed a reaffirmation agreement, you did NOT reaffirm.
    Chase may have sent a reaffirmation agreement to the trustee, but it has to be signed by both parties to be valid.
    Most trustees will never consent to a reaffirmation - that's why you filed BK in the first place !
    Check into the specifics; you may be in a good place.
  9. goldie

    goldie LoanSafe Member

    I kind of knew the answers to this reaff thing because I went round and round with Cap1 over a reaff. I signed and they willfully refused to file it. So my atty filed it anyway, even though it was only signed by us. Putting them on notice in case they pull something shady further down the road. Try to take the vehicle when we are current and the case is open...just try... I only had a year or so left on the car and had equity, otherwise would NEVER have wanted to reaffirm. Would absolutely NOT DO on a house. I shudder to think about that kind of debt! That is good to know that most trustees would never consent to house reaff, but is the trustee still involved in a 7? My atty didn't have to vet the car reaff through the trustee, but maybe because we declared we wanted to reaffirm in our original schedule. P.S. Cap1 is still acting like a sore loser in refusing to report my credit (however, they did report is closed and never late, BK) and refusing to send me a monthly statement. Oh well, I just keep track of it myself. I have heard they don't have to send you a statement if you don't reafffirm, but if you reaffirm, I think they do. Don't know why they are acting so petulant. I'm making good on the debt. What's so bad about that?
  10. imlars

    imlars LoanSafe Member

    Unfortunately you need to have documentation that will support your reported income amount. Usually corresponding bank statements and 2 yrs of your tax return, all schedules, are required.
    The servicer accepted less than full mortgage payments for how many months? Is this a HAMP or an in house mod? Did you keep copies of your trial period agreement? Are you in a state in which there is a foreclosure hearing prior to the foreclosure order being enforced? Have you stopped making the agreed upon trial payments?
    What did the denial letter suggest you do now? Balloon payment of arrears, and back to the unmodified payments?
    What is your attorney going to charge you for trying to get the loan modified while in BK?
    Why don't you just try to reapply through the BK at the servicers before you pay an attorney to try it?

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