Just got Discharged!!!!

[r131313w]

Now what?
I have a car lease that ends next May.

I want to work on getting both my 1st and 2nd Mortgage modified, I really upside down on my home, thinking of hiring an attorney to do it for me.

I already had my 1st modified right before I filed but I really am not happy with the terms at all. They essentially gave me a step interest rate for the next 3 years, and my loan balance is essentially back to where it was when I purchased the house, I was desperate at the time.

Any suggestions or tips?

[ela805]

No tips, I just wanted to say congrats on the discharge!

[aces67]

No tips here either but congrats on the discharge!!

[struggling09]

I could be wrong, but I'm under the assumption that banks will not modify your mortgage once you have filed for bankruptcy. I'm curious to know about this as well.

[blankslate]

Congratulations on the discharge! Good luck on the rest.

[ItsJustMe]

Congratulations!

As far as the mod goes, I belong to another finance board that deals specifically w/loan topics. A lot of the people there have been very successful getting mods with the help of NACA, a non-profit housing agency. Many people have been able to get their terms changed to 2% for the remaining life of the loan! So far as I've read, there haven't been any principle reductions, though. I don't believe a previous BK will hold you up at all, though it's advised that you not be in an active BK as the mod would get held up in red tape (everything would need judges approval, and there is enough red tape in a mod as it is). I'm anxiuosly waiting for my mod to hopefully go through so that we can file!