Loan Mod (BoA) after Ch7 Discharge

[may]

No, we did not reaffirm.

[IamOld]

Lady in the Red as usual!! is of course quite right.

May, just remember - in VA foreclosures move CAN move fast - 90 days is possible from notice of default...

[LadyInTheRed]

May, there is one important detail we don't have. Did you reaffirm your mortgage in the 7?

Yes, walking away and allowing a foreclosure are the same thing. You can stay in the house and save on rent until they actually foreclose. They eventually foreclose, then you "walk away" with no further obligations, assuming you didn't reaffirm the mortgage.

[IamOld]

May I believe that is one and the same - what I don't know- and I'm sure others will answer - is if the foreclosure will be on your credit separately - I do know there is a time period (I believe two to three years) from foreclosure you have to wait to be able to buy again...with an FHA or the such loan.

[may]

We do not have any HOA fees. At this point, I'm wondering if it's even worth trying to continue with the loan mod.

What are the benefits of walking away vs. foreclosing. Or are they the same thing?

[IamOld]

May if you were discharged in the 7 - you can just walk away (but beware that HOA fee's - if you have any) you'll have to pay likely.

BUT from the mortgage you CAN walk away.

I think you're atty may be thinking of a Ch 13 - if you guys/she can do it so that you can save the house - BUT you still need to be able to make the mort payments plus whatever your Ch 13 payment would be (likely just mort arrears)

I wish you guys all the very best!

[may]

And would this be something that we could walk away from? My attorney was talking about doing a Ch. 13 but she's doing some research...

[may]

We discharged on Ch. 7 in June. DH quit his job for what we thought was a better opportunity. He made more money, but was only there for 5 months before he quit to go back to his old job. The new job was firing people for sales performance and no one was making sales. He was unemployed for 3 weeks before they could take him back - applying for other jobs in the meantime. He went back to his old job and all they could offer him was $8.25/hr with no benefits. Well we weren't making the money and couldn't afford to make our house payment. ($1295/month)

We've been working with BoA since June on a loan mod. After sending the same paperwork 5 million times and having people from 3 different departments call us and request more information, we're now working with one person from the CEO and President's office. All she can tell us is that it's in "underwriting". It's been in underwriting for 2 months at least. We keep getting foreclosure notices, and even received a packet from an attorney's office. When we ask about foreclosure, they just say "no date has been set so you have nothing to worry about".

I love our house and would love to keep it, but I'm really over all this up and down. At what point do you just wave the white flag and give up? Should we call our BK attorney? Can we still put the house in the Ch 7? Do we just foreclose? Are people really getting loan mods from BoA right now?