If you do not re-affirm your mortgage can you get a loan mod?

[Fallonedward]

In our 341 today our trustee started his session by saying that there were loan mod appers in the back of the room and feel free to tak one to help if you need it. So Now I'm wondering if I can get a loan mod?

[tcreegan]

Hi Fallonedward,

Seems odd to me that the trustee had loan mod info papers at the 341....

Since you did not reaffirm, a mod would be entirely up to the lender....BUT, be very, very careful, this can be a dangerous path...

Re-signing papers puts you back on the hook for the mortgage

Mod is only for a 'trial period' then new conditions/qualifications/applications apply

Mod terms are only for 5 years or so, then the old interest rate comes back, or worse, an adjustable rate

Things seem to be going smoothly for you so far, I would hate to see an unscrupulous or incompetent lender ruin it for you!

Tom in Colo

[BROKEDED]

Like Tom said, be very careful before hopping back into indebtedness with the mortgage company. You should sit down and examine what your goals would be by doing this both short and long term. What would happen to you or your family if you couldn't afford those payments later on. I think the wisest thing to do would be to have a Real Estate attorney comb through any contract before you signed it and suggest any changes for you to request be made to protect you.

I'm currently in the mod application stage but we haven't filed BK yet. One of the form letters that I received recently stated that any mod would more than likely be directed towards the present hardship rather than a long term alteration of the interest rate or reduction in the principle balance. That's their way of saying that they'll help me enough to say that they did and collect any Federal rewards funds for doing so. It's well known that very few people are given permanent mods and what with housing expected to decline further I would be hesitant to reaffirm a mod with anything but short term goals like flipping the house for a profit. Lots of risks there. Keep us updated.

[Freddy03]

My attorney told me we could try for a non recourse loan mod after we file and do not reaffirm the mortgage. I'm in FL so I'm not sure if that makes a difference or not for the OP.

[tobee43]

In our 341 today our trustee started his session by saying that there were loan mod appers in the back of the room and feel free to tak one to help if you need it. So Now I'm wondering if I can get a loan mod?

it may be a push by the banks to stop the foreclosures....

for those of us that went through the "first" round of the loan mod programs they were a joke...maybe they are attempting to help the banks keep their loans and trying to help people save their homes?????

i find it odd as well...i would have thought your atty would have made the suggestion if it were thought you were eligible....besides that question how did it go otherwise?????

[angles]

Negotiating for a non-recourse loan mod would be the only loan that i would accept. Seriously, the banks are only out to take the money in your pocket and put it in theirs. They will be very friendly when you are applying for a loan and verbally promise you the world, but if you have a life-changing event that is out of your control, they only care about the payment.

[tobee43]

Negotiating for a non-recourse loan mod would be the only loan that i would accept. Seriously, the banks are only out to take the money in your pocket and put it in theirs. They will be very friendly when you are applying for a loan and verbally promise you the world, but if you have a life-changing event that is out of your control, they only care about the payment.

i'll second that....after being with chase over 30 years and never late...they cared less about us....you got that right!!!