Can I refuse a loan modification?

[Sleepy]

Can a person refuse a loan modification on a currently upside down mort. which results in lower payments? Our current mort. qualifies for reduction (have not heard from the lender yet though) being its current, upside down and we have a high DTI. To accept a mod if one comes would surely affect our budget on a 7. We will be below the means but a lower mort payment possibly could force a 13. Any thoughts?


As mentioned in an earlier thread we may just quit paying because we'll let the house go in ch.7 anyway. Just trying to cover all bases here.

[JRScott]

I suppose you could, I don't really know. Not much precedent for it yet since it's so new.

[eddiep]

If they send you an offer just ignor it, pretend you never got it until after the bk is over. I heard that you will be able to get a mod for the next three years.

[HHM]

If you let the house go, fine, ignore it.

But to reject a long term loan mod to get a 7 vs a 13 would be stupid.