Chp-13 after a Chp-7?

[markva]

I have a client that was discharged from Chp-7 in Feb 07. Lender says loan was not reaffirmed, but owner says it was. I got his lender (AHMSI) to put foreclosure sale "on hold" from 3 Dec to 30 Jan pending negotiations on loan mod. However, was told today by AMHSI that Deutches Bank (investor) will not allow a loan mod!!!??? My client has been unemployed subsequent to Chp-13 discharge and thus unable to make mortgage pymts. He is fully employed now and between he and wife have sufficient income to pay mortgage, but not the added repayment amount (4 month repayment plan). AHMSI doesn't want to budge off 4-mo repayment

His options now are:
(1) Repayment plan - not likely based on what AMHSI is currently offering
(2) Short Sale - doesn't want that; wants to keep house
(3) Chp-13

I don't understand why a loan mod isn't being considered by lender/investor (Deutches). If it forecloses, they'll lose significantly more than if they did a loan mod.

I've advised him to speak with an attny regarding feasibility of getting a Chp-13 approved. I've heard there must be at least 1 year spread between BK filings, so it seems he should just qualify in Feb.

Any advice is much appreciated that could help this homeowner save his home.

[justbroke]

What do you mean client? Are you a para-legal or other legal professional?

Deutsche Bank does do loan modifications. The problem is, who owns the underlying securities. I know they do mods because my loan was purchased by Deutsche as a asset-backed securities portfolio.

As for advice on anything else, I can't give legal advice to anyone, nor have that person pass it along to someone else.

Having wrote that...

(1) Repayment plan - not likely based on what AMHSI is currently offering

See Chapter 13 below!

(2) Short Sale - doesn't want that; wants to keep house

This isn't going to help at all. This is just frustrating to start with, and if the underlying note holder (Deutsche) won't entertain a modification, I don't see them approving a short sale at all. Short sales are a waste of time and hit you as hard as a foreclosure (although a tad softer).

(3) Chp-13

While the debtor can't get a discharge (or superdischarge), Chapter 13s after a Chapter 7 are known as a Chapter 20 (7 + 13). They are perfect for dealing with arrearages.

Note that not all Districts allow "Chapter 20s" or "hybrid" Chapter 13s.