Chp 7 Discharge Can Get Obama Modification

[AlmostFree]

I am talking about the situation where a BK 7 was discharged and your house was kept and the mortgage was not reaffirmed by you. Under certain circumstances your mortgage could be modified under the new Home Affordable Modification Program (HMP). Please realize that once the BK7 mortgage falls under HMP, there are other important guidelines that must be met but they are the same as the guidelines for non-BK7 mortgages.

If Fannie Mae or Freddie Mac owns the mtg, it definitely falls under HMP. If your mtg is owned by someone else, it appears that it may will fall under HMP if your mtg owner joins the HMP or is required to join HMP because of the acceptance of Federal bailout funds.

Ever since March 4th I have been trying to find out if my July 2008 BK7 discharge mtg could be modified under HMP. I finally stumbled on the Fannie guidelines which are really written for the mtg servicers -- good info for us! You can learn exactly what documentation, forms, etc will be needed for your application. https://www.efanniemae.com/sf/guides.../2009/0905.pdf

The section pertaining to BK7 is on page #3 of the document and also on a separate Form 3156. You also are not required to reaffirm the new modified mortgage!!

Hope this helps,
Almost Free

[myhearts07]

I went on the site. Says that if your loan is FHA/VA or otherwise government funded, you don't qualify for help. I think that is the problem for a lot of us, my loan is FHA and this gives the lender leverage to tell me no and not help me even though we filed CHPT 7 just last week and once discharged will have more income to pay on the mtg but not the amount that they want us to pay, $3k....

Hearts