short sale / Loan mod afte Chap 7

[TSHOCK84]

i have a question...i just filed for chapter 7 ..i had planned to reafirm my 1st mortgage and my 2nd(home equity loan)..but i just got cut back at work and i realize i cant afford the house anymore.ive been trying to do home mod for about 6 month now without anything at all...a friend of the family just offered to buy the house at short sale and rent it to us for a couple years until we can afford to buy back....i would really like to stay in house and not have to move..

1) has anybody been able to do a home mod after chapter 7 and keep their house?(this would be my best choice)

2) has any body been able to do a short sale after chapter 7?

3) are the banks more willing to work with you after chapter 7 because you have nothing to loose?

thanks in advanced for all your help!

[tcreegan]

Hi TSHOCK84,

These questions depend a lot on your lender. Do a search on the forum for your lender and see what other folks have posted. Or you can post the lenders name here and see if anyone chimes in.

Tom in Colo

[justbroke]

I did a loan mod while my Chapter 7 discharge was pending! It took 4 weeks to get the loan modification. I don't think I'm keeping the house though. I did not reaffirm the debt!

I find that the lenders may be more willing to work with a Chapter 7 debtor but only given the current state of affairs in the mortgage lending market. That could change if things start to turn around.

However, never bank on receiving a loan modification.

[TSHOCK84]

usaa is the bank