Florida Foreclosure Mediation

[Lilyat108x]

Has anybody went through mediation for their Florida foreclosure and if so, what can I expect? My house was discharged in my ch 7. If they were to give me some kind of reasonable modification in the mediation and I agree to it but years later I decide to just walk away, do I have to worry since the house was discharged? Wouldn't it just eventually be foreclosed if I walked away after the mod?

[subking]

As far as I understand yes, you were discharged, a mod does not change that so you can walk anytime. Just be sure the mod doesn't stae its a new note, but even if it does I'm sure this can be challenged in court because they can't just call your mod a new note after its been discharged, however banks are using this lanugage to try to make you responable agian for the loan. I wouldn't sign anything that says your mod is a new note and remember no matter what paperwork they ask you to sign have your atty look it over or at least use a black marker to cross out anything you don't agree with, make yourself a copy, and then send it back.

[Lilyat108x]

Yea that would be tricky of them to pull that. I have to look for an attorney.

[tobee43]

i agree, be VERY careful!!

they may want you to sign a new loan, because think about this...they what?? what to modify an amount that was discharged in a bk? nope, i'm not buying it. sounds to me like if you sign something you'll be on the hook for what ever "new" agreement you sign. i would also have an atty review it.

[StEt0417]

We asked our attorney this a few weeks ago. Out of curosity we asked him if it was possible to do a loan modification even after you filed Ch.7 and was discharged from the debt of the loan. He said it is possible to get a loan mod then said if we defaulted on it later the bank couldnt hold us responsible. We havent done it or ever tried so I would ask an attorney and read all documents before signing

[InOverHead]

The opposite of what you explained, stEt0417, happened with my Loan.
I've been paying since BK, wish to remain in home, but at a reasonable (market) price. Whne calling the Retention/MOD dept they just say there is no product available for a discharged loan. I can not modify it.
No way to get a new loan either as lenders dont lend 150$ of value. Only option is sit tight (which is agonizing) and save $$ and wait until they tell me to get out.
My attorney said he understood where the bank was coming from by not offerring a modification - if your bank does then go for it and tell me who they are!

[StEt0417]

The opposite of what you explained, stEt0417, happened with my Loan.
I've been paying since BK, wish to remain in home, but at a reasonable (market) price. Whne calling the Retention/MOD dept they just say there is no product available for a discharged loan. I can not modify it.
No way to get a new loan either as lenders dont lend 150$ of value. Only option is sit tight (which is agonizing) and save $$ and wait until they tell me to get out.
My attorney said he understood where the bank was coming from by not offerring a modification - if your bank does then go for it and tell me who they are!

Wow I wonder if he gave me misinformed info. We havent even talked with the bank about a loan mod since bk, we are considering and willing to try but dont want to speend up the process so hanging tight right now. So have you been paying your mrtg even after filing BK?

[InOverHead]

Stet - Sorry for late reply. I would certainly double check, ultimately it is up to the bank and NOT the attorney - or make the attorney sign something that he is liable if it does not go as he says.

My attorney understood what they were saying, they are not going to MOD something you are already not responsible for, so no point in trying to argue. Banks are different though so don't take my situation as golden standard - although what they were saying does seems universal.

Yes, I have remained current pre and post BK. After learning they will not help, i thought missing a few payments might make them rethink, not the case and now i am desparately trying to find ways to stall foreclosures that are IIB.

[justbroke]

Bank of America did a no trail period, instant modification or my mortgage after I had filed Chapter 7. I also discharged the liability for payment on the note and they knew this. It is interesting how banks behave in these scenarios. You can only plan for the worse, and hope for the best. I planned for the worse, and was extremely surprised when the best was the outcome.

[InOverHead]

JUstbroke - Expecting the worst and hoping for the best truly is sage advice. Congrats it worked out in your best interests! Can you advise me of ways to stretch out the process so i can remain in the home for as long as possible? I have already been denied Loan Mod and also have requested and received a copy of the note. Received a letter last week. This is the first communication other than a letter they left one day whne they stopped to take pics. Surpised no phone calls - but i guess that still has to do with it being iib. The letter gave me 30 days to pay full past due balance incuding fees. Specifically said partial payments will not stop their process.