My lender is BoA, I have not filed yet but have been approved for modification. I told them I was filing bk, they did not seem to have any problem with that. The big problem with waiting until after you get discharged is whether or not to reaffirm. If you do reaffirm, you will get stuck with any shortage if you let the house go if you do not get a modification. on the other hand if you do not reaffirm, you will certainly have to reaffirm if you do get modification and not sure how they will respond if you have not reaffirmed. Risky either way, where you are underwater. My lawyer INSISTED on getting the mod signed sealed and delivered before we file. We have been approved but still waiting for "official" loan docs. I personally think BoA is one of the more reputable banks out there, your chances of getting a modification is probably better with them than with any other lender. I found another good forum www.loansafe.org that has tons of info and advice about modifications if you are interested, check them out.
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According to 2 BK attorneys who practice EXCLUSIVELY in BK, "in this jurisdiction," they do not strip second mortgage liens under any circumstance....Originally posted by biotechsolution View PostComment
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I can confirm that I received the same info. The judges in the Northern District of Illinois do not allow lien stripping.Filed Chapter 7 - 2/13/09
341 Meeting - 3/23/09
Discharged - 5/26/09Comment
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i found that web site too and i was able to find tons a info as well. I have already filled and my 341 meeting is may 11, I hope it goes smoth and then i be worried about mortgage later. Do you know if the trustee can ask for more pay stubs all the way up to discharge? I have a 100 commsision income and i never know what i make in future.Comment
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Hey, what kind of mod were you able to do with BoA, loan balance reduction? Rate to how low and do you have to pay the reduction back in a 5 years period or do you even have to pay it back?
It would help for my future negotiations.
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