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Help! Regarding Loan Mod and BK.. ANY PLEASE!!!

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    #16
    I am in the same boat. I got offered a loan mod that made my payment on my house reduce by half (I still easily qualify for a 7) so now I want to keep the house. I have made on of the first 3 payments of the trial mod, should I wait to file? I really want to keep the house at this price!

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      #17
      Originally posted by indebtbad View Post
      I am in the same boat. I got offered a loan mod that made my payment on my house reduce by half (I still easily qualify for a 7) so now I want to keep the house. I have made on of the first 3 payments of the trial mod, should I wait to file? I really want to keep the house at this price!
      The more significant payment reductions tend to be HAMPs, and unfortunately, infinitely more likely to be denied for a ton of (usually BS) reasons. If it is a HAMP or HMA or any non-in-house program, I'd wait till it was complete and final. That means done for several months, before filing the BK.
      No Asset 7 closed 11/09

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        #18
        Originally posted by Chowder View Post
        The more significant payment reductions tend to be HAMPs, and unfortunately, infinitely more likely to be denied for a ton of (usually BS) reasons. If it is a HAMP or HMA or any non-in-house program, I'd wait till it was complete and final. That means done for several months, before filing the BK.

        Yes, it is a HAMP mod. Thank you for the advice.

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          #19
          Originally posted by indebtbad View Post
          Yes, it is a HAMP mod. Thank you for the advice.
          Then, absolutely, wait until it's completed. I've seen many get pulled after final docs have been signed so give it as much time as possible after before filing.

          Per HAMP directives the BK is not supposed to effect the application process, but..... well, why give them any reason.

          And stay on them, good luck.
          No Asset 7 closed 11/09

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