loan modification and chap 7 help
We filed Chapt 7 last month with no problems. We have also been trying to work with our Mortgage Co (wells fargo) for the last several months on a loan modification (we are 4 months behind). We just received a letter 4 days ago with a loan modification proposal that we absolutely want to accept. The modification puts us up to date on our payments, with the first payment not due until July, and it lowered our monthly payment $42 per month. Our attorney has to file a petition with the BK court to have this plan accepted, but doesn't feel it may be in our best interest. I'm not sure why this wouldn't be in our best interest??? Any ideas? Also, would it matter if my DH or I had a increase in monthly income now prior to discharge?
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He may say it is not in your best interest because this mod might require your to reaffirm the house. If your income has increased it might kick you to c13 instead of c7, you will need to check with your atty. Good Luck!Down but not out!!
filed c7 august 2011...341 september 2011... Unsecured debt over $100k.....bk attorney $1200.......bkforum.com Priceless!!!!! -
I was able to work with BofA during BK7 rate down to 2% for 27 years. We submitted retain and pay. Payment will start next month.File BK7: Jan 4, 2010
Reschedule 341: Mar 16 2010
Discharged: Apr 22 2010
Closed: May 6, 2010
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