Loan Modification

[Overmylimit]

I want to try to have my Mortgage modified. My question is 1st can I if I am going to file chp 7 and 2nd does the Lawyer do this also. If you can modify should you do it before or after bk, and if you do it before will it stand after you file and keep home?

[justbroke]

I want to try to have my Mortgage modified. My question is 1st can I if I am going to file chp 7 and 2nd does the Lawyer do this also. If you can modify should you do it before or after bk, and if you do it before will it stand after you file and keep home?

(I'm in a Chapter 13, but I speak from experience.)

If you can, do it before you file, and make sure the paperwork has been completed before you file. It will survive the filing if the new terms and agreement which will be recorded.

I filed after the Bank granted my Modification request, but before it was implemented! When I called the bank 2 days after filing, they wouldn't talk to me anymore. (They weren't being mean, they just said that due to the BK, they couldn't talk to me. I nudged the person a bit and asked if I were to ask again, would they grant it, and she said "yes".)

I was in Court today with a couple of big Bank's attorneys. (These were all Motion for Relief from Stay hearings.) They thought I was an attorney too, as I was dressed as they were. None of the clients dress like I do. For some reason, all the client (Debtors) were outside the courtroom, waiting for the lunch break to be over.

Anyhow, we're all kinda together waiting, and one of the Bank's attorneys told the other attorney to do the modification because the Banks don't want the houses. I won't mention the other "attorney" things I heard... but some of them are making lots of money, and love Relief from Stay Hearings.

This makes sense to me. What can the Banks do with these houses, if they are just going to bleed money. In some states, even after a 4-6 month foreclosure process... the Bank still has to potentially wait on a redemption period, before they can even being to try to sell... in a terrible over saturated market.

It's always interesting hearing what the attorneys talk about when they think they are amongst their kind.