WOW, this forum is fantastic. I have been reading so many posts in the last 5 hours my head is spinning!!!
I will try to make my situation short;
In 08/2008 we had filed for chapter 13 due to a business failure. At which time I hired a bankruptcy attorney and a loan mitigation company. The loan mitigation company was such a waste of $3000 and now I am starting to feel my bankruptcy attorney is going to be a waste of money as well.
My main concern was to save my home. After 8 months of working with the bank and dealing with the bankruptcy, I learned that banks DO NOT modify loans while in bankruptcy. Neither my attorney nor my LMC ever advised me of this. My bankruptcy att. had my chapter 13 dismissed so I may save my home in hopes of modifying ( we could not afford the trustee payments athat included our mortgage). At this time the bankruptcy court had my mortgage wrapped up in my trustee payments which came to $5100.00 per month. Not achievable for us. After our chapter 13 was dismissed my LMC called and said they struck a deal with the bank and within a few days I had a “Stipulatory Agreement” in hand. I was to pay $3000 first payment then $2000 per month after that for six months which brought us to 09/2009, every payment was made on time and in full. I was finally sleeping again. But, in June of 2009 the IRS came knocking again and froze our accounts. Still able to make the payments to the bank I had to call our BKA again, dish out another $3000 to refile. The bankruptcy was back on track.
Now move ahead to 09/2009, I had sent my final payment in to Wells Fargo anticipating a loan modification. Never happened! Why, because I had filed for chapter 13 again. I really wished someone advised me that banks DO NOT do loan mods or cancel them once you were in bankruptcy. Now I know. However, I was actually blessed in a way to get an outstanding and very helpful woman at [name deleted by moderator] Credit Corp in the bankruptcy department who calls me. Yes, I said "who calls me"! As happy as I am with this young lady at [name deleted by moderator] who services the loan for Wells Fargo, I am in limbo once again. 140 days has passed and once again I was anticipating a loan mod only to find out that all loan mods in bankruptcy are on hold. I am totally beside myself. My bankruptcy attorney doesn’t return my calls anymore and I have no idea what I am to do. My wife will be having our first little one within days (totally unplanned) I am working 3 jobs and trying to still keep my business afloat.
Thanks for taking the time to read this short novel, it could have been longer, but I did go over it a few times.
Any help, advice would be very much appreciated at this point.
Thanks again for a great forum!!
I will try to make my situation short;
In 08/2008 we had filed for chapter 13 due to a business failure. At which time I hired a bankruptcy attorney and a loan mitigation company. The loan mitigation company was such a waste of $3000 and now I am starting to feel my bankruptcy attorney is going to be a waste of money as well.
My main concern was to save my home. After 8 months of working with the bank and dealing with the bankruptcy, I learned that banks DO NOT modify loans while in bankruptcy. Neither my attorney nor my LMC ever advised me of this. My bankruptcy att. had my chapter 13 dismissed so I may save my home in hopes of modifying ( we could not afford the trustee payments athat included our mortgage). At this time the bankruptcy court had my mortgage wrapped up in my trustee payments which came to $5100.00 per month. Not achievable for us. After our chapter 13 was dismissed my LMC called and said they struck a deal with the bank and within a few days I had a “Stipulatory Agreement” in hand. I was to pay $3000 first payment then $2000 per month after that for six months which brought us to 09/2009, every payment was made on time and in full. I was finally sleeping again. But, in June of 2009 the IRS came knocking again and froze our accounts. Still able to make the payments to the bank I had to call our BKA again, dish out another $3000 to refile. The bankruptcy was back on track.
Now move ahead to 09/2009, I had sent my final payment in to Wells Fargo anticipating a loan modification. Never happened! Why, because I had filed for chapter 13 again. I really wished someone advised me that banks DO NOT do loan mods or cancel them once you were in bankruptcy. Now I know. However, I was actually blessed in a way to get an outstanding and very helpful woman at [name deleted by moderator] Credit Corp in the bankruptcy department who calls me. Yes, I said "who calls me"! As happy as I am with this young lady at [name deleted by moderator] who services the loan for Wells Fargo, I am in limbo once again. 140 days has passed and once again I was anticipating a loan mod only to find out that all loan mods in bankruptcy are on hold. I am totally beside myself. My bankruptcy attorney doesn’t return my calls anymore and I have no idea what I am to do. My wife will be having our first little one within days (totally unplanned) I am working 3 jobs and trying to still keep my business afloat.
Thanks for taking the time to read this short novel, it could have been longer, but I did go over it a few times.
Any help, advice would be very much appreciated at this point.
Thanks again for a great forum!!
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