Is it possible to modify a mortgage during bankruptcy?

[howtoplan]

We are current on our mortgage and would like to keep the house. However like so many others our home is underwater and we were foolish enough to take an interest only mortgage which can adjust 5/2010. The first morgtage alone is more than the house is worth and we also have another 100K HELOC.

Are lenders willing to modify loans during the bankruptcy proceedings? We would like to get a fixed rate. Or does it all depend on the lender?

Anybody have experience dealing with GMAC mortgage?

Thanks!

[ShouldWeFile]

Are lenders willing to modify loans during the bankruptcy proceedings? We would like to get a fixed rate. Or does it all depend on the lender?

Depends on the lender. I would get the modification in place first, then consider filing.

[novayalife]

We were hoping to do a loan mod and actually were told by attorney that there is a slim chance during bankruptcy. So we waited to file, however our mortgage lender (first horizon) denied it anyway

[relief13035]

We are discharged and CitiMortgage is working on a loan mod. for us right now.

[Overmylimit]

We are current on our mortgage and would like to keep the house. However like so many others our home is underwater and we were foolish enough to take an interest only mortgage which can adjust 5/2010. The first morgtage alone is more than the house is worth and we also have another 100K HELOC.

Are lenders willing to modify loans during the bankruptcy proceedings? We would like to get a fixed rate. Or does it all depend on the lender?

Anybody have experience dealing with GMAC mortgage?

Thanks!

I forgot to mention in the pm that if you do go for a loan mod make sure you get it in place before you file...

[pcnet21]

You can but you need to get consent letter from court..otherwise wait for discharge and working on loan mod is easier.