Chapter 7 discharge hopefully in 2 weeks. I did not reaffirm my mortgage debt, due to house being upside down. Anybody have luck with Mortgage Co doing a loan midification WITHOUT reaffirming the debt?
-
-
Find another post named "relief" she did a loan mod after her discharge.May 2008 Hired 1st Attorney/Stopped paying CCs
May 21, 2009 Retained 2nd Attorney
May 28th - Filed for Ch 7 (FINALLY!)
9/11/09 - DISCHARGED!!!!
-
55 for 71 so far in 2009 in Pennsylvania in doing a Mod + 7. (Not to be cocky but that is the best record in my districtOriginally posted by sammyt74dp View PostChapter 7 discharge hopefully in 2 weeks. I did not reaffirm my mortgage debt, due to house being upside down. Anybody have luck with Mortgage Co doing a loan midification WITHOUT reaffirming the debt?
) My former partner and still best-buddy claims he has gotten 140 Mod + 7s with 300 active cases, so they are happening, at least in Pennsylvania, can't see a reason why it couldn't be done elsewhere.
Chapter 7 then mod is a little unusual, especially since you didn't reaffirm, but it couldn't hurt to try it. Who is the lender?I am a Pennsylvania Eastern and Middle District Bankruptcy, FDCPA, FCRA and Foreclosure Defense attorney, information I post is based on experience in these districts. It is not legal counsel, consider it friendly counsel.
Comment
-
Wells FargoComment
-
well, we reaffirmed... but we did get a GREAT modification- wonderful numbers-- after our 7 dischargedComment
-
Our house was included in our Chapter 7 and we didn't reaffirm. We started a modification prior to the BK (based on verbal info only) and were on a trial modification. I thought we were looking good until GMAC said our trial modification (after 2 payments) was voided by the BK. We had to give GMAC a letter from our attorney and a statment from the Court that the Trustee was not interested in our property (it's upside-down, no equity). We had to send in a complete financial package and GMAC offered us a loan modification with a 6% fixed rate. We are in an Option Arm with a current rate of 3.75% and negative amortization. GMAC offered the 6% jumbo fixed ($544,500) for our remaining term of 444 months. We haven't accepted the mod yet. We're still trying to decide if we should go this route. If we accept the mod, we have to reaffirm the loan.
Looking back, I wish we had modified and then filed the BK but our situation would not allow for the length of time to obtain a mod. The upside of requesting a mod while in an active BK, a BK loan modification negotiator was assigned and we received our loan modification approval within 2 weeks of our package submittal instead of taking months and months.
CatsInTrouble - would you mind sharing the details of your mod? Lender?Filed Non-Consumer Chapter 7: 07/31/2009
341 Hearing: 09/03/2009
Last Day for Creditor's Objections: 11/02/2009
Discharged! 11/03/2009 CLOSED! 01/05/2010Comment
-
Would love to hear catsintrouble as well. No reaffirmation for me, but maybe we can work this out with our lender. if not we will leave and we understand. But I don't want to be on the hook for an upside down home if I can help itComment
-
I've had a lot of success with Wells Fargo. Unless you are in PA I can't do much other than email you what you need to put together. PM me if you want the current information.Originally posted by sammyt74dp View Post
Good luck.I am a Pennsylvania Eastern and Middle District Bankruptcy, FDCPA, FCRA and Foreclosure Defense attorney, information I post is based on experience in these districts. It is not legal counsel, consider it friendly counsel.Comment
Comment