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**good2free** · 01-14-2010, 04:32 PM

This debt won't be reported to credit agency any more.

You are not responsible at all. All they can do is a foreclosure on the house at the end.

What are you intentions?

**Chowder** · 01-14-2010, 05:00 PM

Good question. I've just opened a dialog with BofA about a loan mod. So I'm just waiting to see which package arrives first from them, the trial period papers, or the foreclosure.

**NanaOf11** · 01-15-2010, 12:12 AM

Originally posted by good2free View Post

This debt won't be reported to credit agency any more.

You are not responsible at all. All they can do is a foreclosure on the house at the end.

What are you intentions?

Originally posted by Chowder View Post

My chapter 7 closed last Nov with no reafirm on the mortgage. Would or can a bank report late payments?

I mean since I'm not responsible for the payments, how can they be late? Right?

We are in a similar situation.

We are current so I doubt they will look to modify? Also what income/dept ratio do they use. After ch7 we are much better off. $4800 income (1/2 is SSDI), not sure if that makes a difference. Just the hubby & I.

We have a World>Wachovia>WellsFargo Pick-a-pmt.

Maybe we should miss a couple mortgage pmts then try to modify? Put those dollars in a secured cc or loan to rebuild credit?

Comments??

**good2free** · 01-15-2010, 01:58 PM

Let us know your findings. I think lot of people are in this game now.

Missing payments and loan modification are part of this game where people want more time in the current house, right?

Don't get me wrong, I am going to do the same thing.

**rooster0330** · 01-15-2010, 02:03 PM

Originally posted by good2free View Post

Let us know your findings. I think lot of people are in this game now.

Missing payments and loan modification are part of this game where people want more time in the current house, right?

Don't get me wrong, I am going to do the same thing.

I don't know if people are missing payments and asking for a loan mod are just looking for more time in the current house.....I have no plans to go ANYWHERE and I was told I had to miss 2 payments, to either get a forbearance (which, they did a way with once I missed my 2 payments), or a loan mod! We were turned down for the loan mod, so now we are just waiting to until next month to catch back up on the payments!

I think most people asking for a loan mod are in a similiar boat of trying to make it through a tough time!!!!!

**good2free** · 01-15-2010, 02:18 PM

To be frank with you, bank may not do a loan modification on the mortgage that is discharged in CH7. You are not resposible for that debt any more so why bank will try to modify some thing that you are not even liable for.

You should have reaffiremed the loan so that loan mod can happen.

**Chowder** · 01-15-2010, 02:27 PM

Originally posted by good2free View Post

To be frank with you, bank may not do a loan modification on the mortgage that is discharged in CH7. You are not resposible for that debt any more so why bank will try to modify some thing that you are not even liable for.

You should have reaffiremed the loan so that loan mod can happen.

I doubt it would matter. The HAMP mods are kind of like the Lotto. You might get one if you play long and hard enough.

BofA is talking to me about a loan mod. I certainly qualify for a HAMP.
The word is they wont move on it until you are 31 days late. But as noted how can you be "late" if technically you do not owe anything.

**Chowder** · 01-15-2010, 02:29 PM

Originally posted by Bren View Post

We are in a similar situation.

We are current so I doubt they will look to modify? Also what income/dept ratio do they use. After ch7 we are much better off. $4800 income (1/2 is SSDI), not sure if that makes a difference. Just the hubby & I.

Comments??

All you need to know PLUS forms, and where to send them to get you started.

Housing

http://makinghomeaffordable.gov/requestmod.shtml

This page provides general background and information on the housing programs established by Treasury under TARP. The MHA program expired on December 31, 2016, however, help may still be available through your mortgage company or through the Homeowner Assistance Fund.Consumer Fraud AlertIn the beginning of 2009, the U.S. economy was facing the fallout from a housing bubble that by some measures had doubled home prices in a period of six years. By the time the Obama Administration took office in January 2009, home prices had fallen for 30 straight months. Home values had fallen by nearly one-third. Fannie Mae and Freddie Mac had been in conservatorship for four months, and American families were struggling to buy and keep their homes.In February 2009, President Obama announced a number of steps to strengthen the housing market and help struggling homeowners avoid foreclosure. As part of this broad response to the housing crisis, Treasury, under TARP, established two central programs, Making Home Affordable® (MHA) and the Hardest Hit Fund® (HHF).In December 2016, the Making Home Affordable (MHA) program expired. Although this resource is no longer available to homeowners, help is still available. Mortgage companies will continue to offer assistance. Contact your mortgage company or lender directly to inquire about available solutions.Key FactsTreasury, under TARP, launched Making Home Affordable® (MHA), to provide mortgage relief to homeowners and prevent avoidable foreclosures.The cornerstone of MHA was the Home Affordable Modification Program (HAMP®), which permanently reduced mortgage payments to affordable levels for qualifying borrowers. MHA expanded to include a number of other specialized programs.Treasury also introduced the Hardest Hit Fund® (HHF), which helps those states hardest hit by home price declines and high unemployment to develop locally-tailored foreclosure prevention solutions.Treasury's programs are part of a wider government response designed to help homeowners, preserve communities, and keep mortgage rates affordable for families.Programs at a GlanceMaking Home Affordable® (MHA)The Making Home Affordable Program® (MHA) provided mortgage relief to homeowners to prevent avoidable foreclosures. This included the Home Affordable Modification Program (HAMP), which permanently reduced mortgage payments to affordable levels for qualifying borrowers. MHA expanded to include a number of other specialized programs. MHA helped over 1.8 million families obtain mortgage relief and avoid foreclosure. MHA expired in December 2016.Hardest Hit Fund (HHF)The Hardest Hit Fund® was created to provide targeted aid to families in states hit hard by the economic and housing market downturn. The participating states were chosen either because they are struggling with unemployment rates at or above the national average or steep home price declines greater than 20 percent since the housing market downturn.

**NanaOf11** · 01-15-2010, 02:54 PM

In our case. Wachovia/Wells Fargo would not reaffirm, they said it is their policy, our Attorney tried. They said to call after discharge. Kinda surprised us.

**Chowder** · 01-15-2010, 03:03 PM

Seems like cars are the only thing that are actively being reaffirmed. My Attorney said they don't do mortgage reaffims in my state (Wa.) because the judges do not sign off on them.

**NanaOf11** · 01-15-2010, 03:12 PM

Originally posted by Chowder View Post

Seems like cars are the only thing that are actively being reaffirmed. My Attorney said they don't do mortgage reaffims in my state (Wa.) because the judges do not sign off on them.

We are neighbors in N. Idaho. We want to stay in the house. Modify & have it report to reestablish credit. Are we SOL??

**Chowder** · 01-15-2010, 03:19 PM

Not to discourage, but there is a new report out today. It shows Wachovia as one of the worst at mods. I see you list WF too. Do you have a second as well?

**NanaOf11** · 01-15-2010, 03:31 PM

Originally posted by Chowder View Post

Not to discourage, but there is a new report out today. It shows Wachovia as one of the worst at mods. I see you list WF too. Do you have a second as well?

Wells Fargo bought Wachovia. Does WF modify??

**Chowder** · 01-15-2010, 03:36 PM

I've seen some posts on other forums about success with in-house mods at WF. I'll PM you the linky.

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Late Mortgage payments post chap 7- no reaffirm

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