I called my mortgage co today and asked about modifying my ARM loan when it resets in November. They have a dedicated dept to help ARM borrs move to a fixed rate.
Here's my question, I don't know if I will get modified if they know that I am in BK and that I have a foreclosure or deed in lieu on a rental property. I am not in the BK yet but plan to within the next 90 days. The agent said that while they pull your credit, it is mainly to check if we can afford the new pmt. We have steady income, but we couldn't afford the 3k in credit card pmts and 3k for the rental so that is why I am filing BK and giving back the rental.
Has anyone gone through a loan modification while in a BK? I am just worried that my filing BK will not allow me to get into a fixed rate which I desperately need.
The good news is that the agent said my mortgage company does NOT want my home at all. That they will do what they can to keep me in the home. Considering I owe a total of 715k, I don't think they want my home on their books!
Here's my question, I don't know if I will get modified if they know that I am in BK and that I have a foreclosure or deed in lieu on a rental property. I am not in the BK yet but plan to within the next 90 days. The agent said that while they pull your credit, it is mainly to check if we can afford the new pmt. We have steady income, but we couldn't afford the 3k in credit card pmts and 3k for the rental so that is why I am filing BK and giving back the rental.
Has anyone gone through a loan modification while in a BK? I am just worried that my filing BK will not allow me to get into a fixed rate which I desperately need.
The good news is that the agent said my mortgage company does NOT want my home at all. That they will do what they can to keep me in the home. Considering I owe a total of 715k, I don't think they want my home on their books!