When to file? Impact on Modification?

[fortknox]

I will ready to file Chapter 7 in about another week but I'm just wondering about the timing and if I should postpone it a bit.

I plan on reaffirming my home (1st and 2nd mortgage). My first mortgage was just modified, effective April 1st. The 2nd mortgage is still in the process of being modified (still awaiting final approval). If I file before both modifications are technically active, can this change anything? I want to make sure that I won't ruin my chances at both modifications. Can the mortgage company (EMC) choose not to let me reaffirm?

I guess I'm just wondering if it's ok to file now or should I wait a bit until both modifications are completely in place?

[fortknox]

Ok, so now I'm reading about ride throughs. Should I NOT reaffirm and do a ride through? Again, I just don't want to jeopardize my modification. So confused, my brain hurts

[Redfish]

fortknox, I don't have an answer for you, just wanted to tell you that I am in the same boat. Filed Ch 7 yesterday and am currently going through loan modification with Wells Fargo. I am nervous they will abandon the 'trial' mod and ask us to pay up the difference between the trial mod payments and the original payments. But we chose to go ahead and file. The more I read about mortgage loan mods the more I realize they are a sham. You are extremely lucky you got one of two loans modified. Congratulations on that!

Anyway, I am curious if there are others who have experience with this. I'd be interested to see their replies.

[STofSHK]

I was at my lawyers', office today, signing papers for the chapt 13 filing. I am filing so I can save my house(we have 10 months in arears) I asked her when do we reaffirm, she said we did not have to. So I am thinking that since our house is in pre foreclosure maybe this is why? Can someone enlighten me. Thanks

[midnight]

I had to file Chap 7 right before the first payment of our HAMP mod with Wells Fargo. I spoke with several CSRs who each told me something different, that it wouldn't hamper the loan mod, that it would terminate it, never the same answer. Because we were served by Chase, we just couldn't wait another 3 months, so we filed. I just spoke with Wells again on Wednesday, and they're still not sure if the loan mod has been accepted. I hope to go it is. I'm supposed to call back in a week. Good luck!