Mod after bankruptcy.. DO NOT WANT TO REAFFIRM .. how to make sure of this?

[helpme2010]

You are lucky you are getting this opportunity. My bank said no to the forbearance plan because of my bankruptcy. Which is strange because during bk they were asking me if I wanted to do a loan mod. I am hoping they are just putting out a bluff and after the auction date, they come back and ask me again, but I doubt it.

[willsurvive]

Hello,

We have a modification from BofA after Ch7 bankruptcy as of last fall. When we signed the papers to get this going they had a "Modification after bankruptcy disclosure rider" paper that basically say the modification does not reaffirm the debt, and that legally we could walk away at any time. It sounds like your paperwork has some sneaky wording going on in there. Have you consulted an attny? I definitely would as this is a violation. Good luck!

Oh, and I totally get what you are saying about having to pay rent somewhere and if it costs the same as your mortgage, why not stay? That is exactly why we are choosing to stay because we can't rent cheaper. But I would check into the sneaky wording or call them before you sign the papers. They can do better than that trust me.

[ryan44]

I'm in a similar situation. I'm I assuming correctly that if your mortgage was included in a chapter 7 and its now closed that a mortgage company can try to sneak you a reaffirmation agreement. I signed a one page 3 month trial period for a pay to stay but it did not say anything about reaffirmation....From what I hear even if it did its against the law.......??? is that correct??

[Inca]

I looked further into the documents they sent over and there is no way I am signing it. I am no attorney but I can clearly make out that it is stating that I will once again be liable for the loan if the documents are signed... sorry, not doing it. They are sneaking in a reaffirmation agreement, so to all of you doing modifications after a discharge, read the documents carefully. My modification document is not a 1 page affair, there is about 15 pages with legal jargon crammed on each page. Not a 1 page document like some of you guys are getting. I am going to hold out as long as possible until they contact me about foreclosure again and then try to agree to a short sell... again I am going to look over any documents they send me because they might some how try to get me in that area also. I know that you are not responsible if your 1st mortgage short sale a house, but it is a gray area whether or not your are responsible for your 2nd mortgage. Mainly doing it to buy time in the house and to save as much money as possible. And if somehow I get hafa, then I will get an extra $3,000 to move out.

[ryan44]

It looks like the one pagers are just the 3 month trial period pay to stay. not really a mod. I actually modded my USbank loan before the BK. Pretty sure an actual reaffirmation has to be signed by all parties involved to me legit....you, bk trustee, your attorney....but hey don't take the risk if you don't have to. They have alot more money to take you to court....banks are so so nasty