Does a loan mod after BK...

[helpme2010]

tobee43, I stressed and tried everything to avoid going BK, but finally had to look at the positives to see the benefits. After a lot of research on this board I came to the conclusion that the BK would ultimately help my credit, help me better with a job credit background check, help me climb out of the deep financial hole I was in, help me get a fresh start, and finally that last one I put in, I could now finally live near my girlfriend, family, and closer to job opportunities.

When I purchased my house, I had to move about 30 minutes (with no traffic and over an hour with traffic) away from my family, girlfriend, and job opportunities. I could not afford anything near where they all lived. Welcome to Southern California. But now, by renting, I should be able to afford to rent in that area, which will offer me that shorter commute time and closeness with family.

helpme ...it's great to find a positive somewhere in the mix of things...it's the best way to be under these circumstances...always looking for a bit of something that can help you smile...or be at peace...

[tobee43]

tobee43, I stressed and tried everything to avoid going BK, but finally had to look at the positives to see the benefits. After a lot of research on this board I came to the conclusion that the BK would ultimately help my credit, help me better with a job credit background check, help me climb out of the deep financial hole I was in, help me get a fresh start, and finally that last one I put in, I could now finally live near my girlfriend, family, and closer to job opportunities.

When I purchased my house, I had to move about 30 minutes (with no traffic and over an hour with traffic) away from my family, girlfriend, and job opportunities. I could not afford anything near where they all lived. Welcome to Southern California. But now, by renting, I should be able to afford to rent in that area, which will offer me that shorter commute time and closeness with family.

sounds like a solid plan to move forward...very excellent!!!

[mrslick]

hi all, i converted my case to chapter 7 last month due to a big decrease in income. my case is like this, i'm 3 months behind on my mortgage and i just got my loan mod docs. my mod is very similar to others except on the 7th year the rate will be 4% and will remain at that for the rest of the term. the only problem is, the bank is requiring me to get court approval before the mod is clomplete. my attorney talked to the trustee today and she said that that would not be a smart move to have the court approval and my attorney agreed with her. i'm not upside down on my house, i still have about $50k in equity even in this housing crisis. my first question is, does court approval means that i have reaffirm the mortgage? second, my attorney seems to be concern about his liability if he represent me if indeed the court approval the bank wants is reaffirmation, i thought attorney suppose to do what's best for the client? my Wife and I both want to keep the house. third, did anyone of you needed court approval to get the loan modify? Please help, my 341 meeting is this monday. Plus i like the idea of reaffirm the house, so that we will at least have something good on our credit. even if in the future something happen where we can afford the low mortgage payment, we can sell the house and payoff the mortgage. is it upto us to push the reaffirmation if the trustee and my attorney don't want to do it?