I want to try and do a mortgage modification, I am filing chapter 7 in a couple of months, should I try the modification now, during or after the chapter 7. Thanks!
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We did the same thing, and we modified BEFORE we filed ch 7. Not just the "trial period", we paid the three month trial, got the modification fully approved and in place, then filed. -
I on the other hand am in the middle of this process now....I was BEHIND on the mortgage, filed, have not made any other payments, and THEN applied for a modification. The good part is that while in the modification process they have not tried to apply for a motion to lift stay (well they applied but then withdrew the motion after I applied for the modification), but the bad news is they arent moving quickly by any stretch as I have been in "review" for the modification for over a month now. No BAD news, but no good news either. I have a feeling it may not move much until after my discharge (another 6 weeks).
If you have the option and time...I would apply before you file, especially if you plan on staying current through the BK process. It is cleaner that way since it will be all in place without all the questions of your income vs debt etc that comes into play once the BK is filed. On the other hand though, once you apply for the mod, who knows exactly how long it will take them to approve it, thereby delaying your filing (and the stress that goes with that).
I have a seperate thread in the foreclusure section that I update occassionally when I have news to report. Lately its just a lot of waiting.Comment
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