Can Chapter 7 dishcarged mortages be modified?

[jmanford]

My first mortage and my HELOC were discharged under chapter 7. Will the banks listen to my modification plea? I think the first mortgage might. It's the HELOC I'm worried about. The HELOC is unsecured because my house is underwater.

[AngelinaCatHub]

WEEEELLLL my first question is WHY? Why would you do this? First of all, if you keep paying through, they are not apt to kick you out. Once you are discharged, you can walk away, if they still take your money, you have the place by law (unless the papers state they can dump you). They want your money not your real estate. More than likely they have plenty of it.

Once you sign any item that changes your now current status, you are out of bk protection and if things go worse (you figure) then you have no out and will be sued for the whole amount. This will bother you for a very long time. Better think about this, and tell us more info as to why and what you wish to do. Then others can chime in with their experiences. 'Hub

[jmanford]

My wife, kid, and I moved out and now live in a rental. Were not used to renting and our new landlord is kinda a control freak. It's weird renting. Were not used to it. All I am asking is if anyone has even heard or seen this done? Is it even legally possible? I would only consider it if the terms were right.

[Mizzou13]

Angelina are you certain an in-house loan modification is an automatic reaffirmation of the loan? Jmanford I have not done it but have been considering it and have the same questions.

[willsurvive]

Yes, mortgages can be modified, and even better you can still walk away in the future if you need to without a deficiency judgment.

Read my story now that I'm going through with Bank of America. We have a loan modification that does NOT reaffirm the debt and we could legally walk away at any time:

http://www.bkforum.com/showthread.ph...ank-of-America

Yes I'm naturally nervous and leery of the bank, but this is what's going on in our life right now. It can happen

[LookingFrwrd]

We too did a loan modification on a chapter 7 discharged mortgage with BofA...the document specifically stated that the loan modification did not change the discharge of the debt in the chapter 7 (don't have exact wording handy, would have to go pull file.) So yes, it can be done.

We were scheduled for foreclosure sale October 13th before BofA halted all foreclosures on October 9th. We just want it all to be over - we've moved on, out of state even - and just want it done. This was our 9th time being rescheduled - original sale date was March 24th. Now we're November 10th - fingers crossed!!