Chapter 13 BK and Loan Modification

[charmd]

We filed Chapter 13 in April and were able to get a lien strip on our second mortgage. My question is now that the bank has approved the lien strip we are interested in trying to modify the first mortgage. I received a notice that we were approved for a loan mod, but they are basically doing the same thing as the Chapter 13 and just putting the back payments into our loan and charging us $100 more per month. We will not be accepting this loan mod since there are so many fees the bank is putting into the loan, but can we try for another loan modification after our bankruptcy is approved in September? That is our last meeting with the trustee but the BK will not be discharged for 5 years. GMAC told me we have to take our first mortgage out of the bankruptcy to try for another loan modification with an adjusted interest rate, but there is no guarantee we will get a lower interest rate so I am afraid to do this. Any advice would be helpful.

[screwedupbyRE]

hi there, if it is not too late, keep the mortgage payments outside the plan. After your plan is confirmed, you can apply for the loan modification if you have any financial hardship (after filing). BOA will need court approval which shouldn't be a problem.

[mrslick]

screwedupbyRE,
can you please share your experience the court approval that BofA requires? basically, i have a loan mod doc from bofa and it does required to get court approval. i converted my case to ch 7 last month and my 341 meeting is this Monday. my Attorney adviced me to not go through the modification until the case is dismiss because getting court approval for mod is like reaffriming the loan. the ch. 7 trustee told my attorney that she can not approve the loan mod it will have to go in front of a Judge. is that true? how did you get the court to approved the mod?

[despritfreya]

screwedupbyRE,
can you please share your experience the court approval that BofA requires? basically, i have a loan mod doc from bofa and it does required to get court approval. i converted my case to ch 7 last month and my 341 meeting is this Monday. my Attorney adviced me to not go through the modification until the case is dismiss because getting court approval for mod is like reaffriming the loan. the ch. 7 trustee told my attorney that she can not approve the loan mod it will have to go in front of a Judge. is that true? how did you get the court to approved the mod?

Mrslick,

I realize you are a bit impatient and nervous. Please relax. Tomorrow I will post the "verbiage" for such a Motion. I will either post it to one of the threads you are subscribed to or I will start a new thread so that all can find it.

Des.