We were discharged from chap.7 last month and got our 1st to modify last week.I called to get info. about modifying the 2nd and the lady said it was close to being charged off.The house is worth 300,000 and the 1st is 210,000 and the 2nd is also 210,000.Should I try to mod. the 2nd or would we have better luck in trying to negotiate a settlement payment plan with the debt collecter ? I'm just trying to get the balance down to make it worthwhile to stay here.Has anyone gone this route? Any feedback is most appreciated.
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just out of curiosity, did you start the loan modification before you filed?? I am confused if I should start now or wait until after the discharge..
in regards to the 2nd, I am hoping I can figure out a way to settle. but I am going to wait until after I file. I hope it works as I will have to give up my house otherwise. I will be sad. Let me know how it works.. I have 5 months to go before I can file -
We did it after.During the bk time (file,341,discharge) I kept in contact with the 1st mortgage (CITI)every couple of weeks.They always told to wait till after the discharge and then someone could talk to me.Meanwhile the bank had lifted the stay and was going to foreclose a month before discharge.I got on the phone and they took my income info. and put me into modification review.I tried to reach the lady doing the review as time was running down but I only got a recording.1 1/2 days before our auction date I called another phone # and they couldn't get any info either so they moved the sale date out 30 days.Anyway the second month the mod.(extended term)went thru with about 3 days to spare.So if you get close to your auction date and can't reach anyone try different phone #s as we may have had the house auctioned with our mod papers on someones desk.It is stressful not knowing if you have to pack up and move or stay.Originally posted by jenbow View PostComment
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