Chapter 7 and Loan Modification

[jlaperch]

Filed Chapter 7 last friday...same day i got approved for trial modification under making homes affordable (obama plan).

Life being as it is...i'm not sure this modification is valid anymore...i'm behind 3 months on the mortgage and if i didn't file i would be able to sign on to the modification and get straight with mortgage.

now that i filed...they submitted a motion to lift the stay.

Anyone know what i should do..send the mod paperwork in and hope for the best?

If they don't do the modification...should i just try and catch up on regualr payments?

do not want to lose the house.

[sadandconfus]

same thing happened to me, i paid money so they can put me on a payment plan while they start on a modification. However EMC policy is if you file bk7 the plan is cancelled. They said I could call back after motion of automatic stay is lifted and try to work a modification then.

[jlaperch]

thanks

well at least someone had something similar...i'm just going to send in payments and talk when i'm discharged...seems to be the way to go. The mortgage company said as much

[Toby629]

This is just what we are having a dilemma about. We have retained an attorney to file chapter 7. We just got current on the mortgage. Our mortgage holder said we qualify for the Obama mod program, received the packet in the mail. We were trying to figure out if we should fill out the packet and send it in and wait to see if we are approved, which would delay the BK. Or do not send in the packet, go ahead with the BK, then when we are discharged try to do the mod then? They probably would not approve then because of the BK. So even if you were to get approved for the mod program, then filed BK right after it was approved, they would cancel it as soon as they found out you filed BK, is that right? This is so confusing.............

[jlaperch]

Who Knows

i think i'll re-qualify after i get discharged but man is this torture...i had a great deal in my hands then filing wiped it out. I read all the time the bank doesn't want your house...so trying to take the emotion out of it and just wheel and deal. Just gonna keep accumulating $$$ on the side so when i get discharged...if worse comes to worse i just catch up.

lets keep this thread alive if anyone gets new info

thanks

[Rahaton]

I don' think they can undo it, but it will take 3-4 months to get through the process. You have to make three payments at the new rate on time and then they do the mod.

[cactuseater]

My wife filed here in AZ back in April. We are in the home plan and have NOT been canceled, to the contrary, we are coming up on our second trial payment July1. Communication is the key, every day if you have to. Our loan is scheduled for permanent status on September 1st, with payments lower than our trial period - according to the loan servicer.