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Loan Modification after Chapter 7 Discharge

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    Loan Modification after Chapter 7 Discharge

    I was wondering if anyone has an experience getting a loan modification done with CHASE or some other bank after the loan has been discharged in Chapter 7 but without re-affirmation

    I have read conflicting answers some folks say that loan modification is not possible for non-reaffirmed loans and some folks say that they received a modification offer from the current lender despite not filing re-affirmation

    #2
    I received a modification during my Chapter 7 with no reaffirmation. You can "modify" a non-reaffirmed mortgage if the lender wants to do it. As you probably know, a modification has nothing to do with a reaffirmation.

    The real issue is whether or not your lender wants to modify your loan. It really is not a question of can it be done. Loan modifications happen to non-reaffirmed mortgages all the time (including mine!). The real deal is how do you either bring it up with the lender or if the lender comes to you! I would not "bank" on a modification and you should always remember that you could lose the home (especially if your budget situation depends upon a modification).

    When I did my loan modification (with BofA), I did not need to do any "trial" period! My modification was approved and made permanent within 3 weeks.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

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      #3
      I received a Loan modification with Chase after Chapter 7 discharge, didnt re-affirm in BK. It suprisingly was a easy process, completed the forms and submitted all the financials they asked for. did the 3 trial payments and received the perm docs 4th month, signed sealed and delivered.
      really do your research and submit completed forms....

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        #4
        We received a written loan mod offer (no trial period) from Chase after our Chapter 7 discharge and after almost 2 years without a payment. They offered a $50/month reduction (in August 2012) so we said no to them.

        We JUST got a DIL recorded this month from Chase on said house. (Info about that in a thread I started here: http://www.bkforum.com/showthread.ph...n-Lieu-Program)
        ~~ Filed Over Median Income Chapter 7: 12/17/2010 ~~ 341 Held: 1/12/2011 ~~ Discharged: 03/16/2011 ~~
        Not an attorney - just an opinionated woman.

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