Our Ch. 13 plan was just modified to surrender our home because we are underwater by over $100K. Up to this point, we tried to get the lender (B of A) to modify the loan, and they have dragged their feet to the point where we knew it wasn’t ever going to happen. Now, just a couple of days after the judge entered the order to modify the plan, lo and behold a FedEx package arrives from B of A saying we may be eligible for a “significant principal reduction”.
We would be interested in keeping the house if we thought that could actually happen, but given B of A’s track record, it’s hard to be even cautiously optimistic. At the very least, we’d like to stay in the house payment-free for as long as possible. So, my question is this: Would continuing to pursue the modification at least delay them from beginning the foreclosure process?
Thanks!
We would be interested in keeping the house if we thought that could actually happen, but given B of A’s track record, it’s hard to be even cautiously optimistic. At the very least, we’d like to stay in the house payment-free for as long as possible. So, my question is this: Would continuing to pursue the modification at least delay them from beginning the foreclosure process?
Thanks!
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