Hi
I posted earlier about deciding to keep the house while filing chapter 7. We didn't file as of yet, but we retained the lawyer a while ago, and stopped paying all creditors per his advice.
originally we meant to let the house go as well, but recently changed our minds, and called the mortgage bank about curing the loan. Since we already had one loan modification under HAMP program, they agreed to try and do a Fannie Mae modification, and currently we are in the process of faxing and mailing information back and forth. Our lawyer advised us not to let Bank of America know about us filing chapter 7, but the way i see things, once they pull our credit history and see how much money we are supposed to be paying each month to credit card issuers (not to mention the fact that we are late on all the credit cards), they will pull a plug on loan modification, which we so desperately need. He said that we shouldn't let them know that we are filing for BK, and if our loan mod fails now, we should try once it gets discharged, but i am concerned that if they decline modification now, they might not be willing to try 3 months from now. He was speaking about something called motion to stay, or something like that (my husband had consult with him), and that if we let them know about chapter 7 they may want to lift that.
But i don't understand why would they if they are not included in our BK case? I think we have huge chance of keeping our home, but monthly obligations to our creditors still listed in our credit history might really mess this up for us....
I posted earlier about deciding to keep the house while filing chapter 7. We didn't file as of yet, but we retained the lawyer a while ago, and stopped paying all creditors per his advice.
originally we meant to let the house go as well, but recently changed our minds, and called the mortgage bank about curing the loan. Since we already had one loan modification under HAMP program, they agreed to try and do a Fannie Mae modification, and currently we are in the process of faxing and mailing information back and forth. Our lawyer advised us not to let Bank of America know about us filing chapter 7, but the way i see things, once they pull our credit history and see how much money we are supposed to be paying each month to credit card issuers (not to mention the fact that we are late on all the credit cards), they will pull a plug on loan modification, which we so desperately need. He said that we shouldn't let them know that we are filing for BK, and if our loan mod fails now, we should try once it gets discharged, but i am concerned that if they decline modification now, they might not be willing to try 3 months from now. He was speaking about something called motion to stay, or something like that (my husband had consult with him), and that if we let them know about chapter 7 they may want to lift that.
But i don't understand why would they if they are not included in our BK case? I think we have huge chance of keeping our home, but monthly obligations to our creditors still listed in our credit history might really mess this up for us....
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