house mod during bankruptcy

[imdk2005]

Looking for some advise. I am in the process of filing for chapter 7 @ the end of this month on my unsecure debt all CC's.
The problem is even if and when we get a dischage we need to get our two home loans payments down, due to job loss. we can still pay our living expenses today but once unemployment runs out we will not be able to afford our two home equity loans they are both at the same bank. So what do folks think? Should we wait until the dischage happens or can we sart working with the bank once we have filed? not sure how this works and did not get much help from the lawyer.. thanks for all suggestions.

[HHM]

Generally, the bank won't work with you until you bankruptcy is discharged (because of the automatic stay).

[imdk2005]

ok, but I will continue to pay the bank durning the bankruptcy process. these are secure loans I am keeping the house. which btw has no equity I owe more than it's worth by about 15,000. So do you think the bank still not work with me until it's discharged?

[Brazzy]

What district are you in? Many districts are pushing for loan mods to be done during the BK process. It started in eastern NY and is pretty much spreading like wild fire. Basically a motion is filed to start loan mod negotiations. Terms are agreed to and submitted to the court for approval. Unfortunately there really isnt too much more about this out there as its VERY new .

[imdk2005]

I'm in Massachusetts.

[Brazzy]

It started in New England and is spreading rapidly.

Check it out:

http://www.psh.com/content630

I will try to get an up to date list of the districts looking to make this move.