Just updated my financials for post-bk loan mod

[helpme2010]

I applied for a loan mod post-bk ch 7. I already sent in my loan mod docs and just called my mortgage company to give them my current financials. Hoping they will give me that 6 month forbearance plan so I can stay here a while longer.

I am $1,000 under each month using the normal mortgage payment amount. So I am hoping I will qualify with a reduced payment. I am expecting a small inheritance soon. I will tell the mortgage company about this if they disqualify me and let them know at that point that the inheritance can be used as a cushion in case I am low on any payments.

Anyone here done a loan mod or forbearance plan post chapter 7???

[tcreegan]

Hi helpme,

Loan mod success/failure depends a lot on your lender. If you post the name of your lender, people trying to work w/ your lender can chime in. You can also do a search for your lenders name.

I was a failure with GMAC. But I learned a few lessons....

Figure out what terms you are going to need for the mortgage to be truly affordable. ie, you can pay it out of your monthly budget and still be able to eat well and add to your savings account. No relying on one-time money windfalls. Once you figure this out, stick to it! Hold your ground.

Find out specifically is the mod is for a "trial period" or just for 5 years, then it reverts back to the origianal terms. GMAC was very reticient about this, I had to pry it out of them.

I was pre-BK, being post-BK, hopefully you have better luck!!

Tom in Colo