Mortgage Loan Modification

[klux]

I requested a loan modification on my first mortgage and the beginning of November. Yesterday I called to check on it and they said a plan has been approved so far but that they need to send it to their investors for the final approval. They said they couldn't see the terms yet but that a final approval normally always is a go and that it takes 5-7 business days and then the paperwork would be overnighted to me. I wonder if the arrears that is in my chapter 13 would possibly be included. WE never discussed any terms. Anyone have experience with this, any idea what I should expect?

[poorme]

Loan Mods can take a variety of results. In a typical, straightforward approach, the entire arrearage is moved to the end of the loan and you simple resume making payments at the current terms. Others may involve a change of terms and/or interest rates. Usually you get to ask what's being provided, but in this case you don't know...what if they bring back terms you're not able to accept/keep.

[Minnymouth]

Was this loan modification done with the approval of the Trustee...... are you presently in a Chaptr 13 payment plan??

[klux]

Their attorney contacted my attorney and my attorney signed a letter stating I could work with them. I am in a chapter 13. If they put the arrearage to the end or something, then they'd just withdraw their proof of claim and my attorney would have to file a motion to modify plan.

[Punkin]

Mortgage Modification

I just finished a modification. My arrears were included, my interest rate was reduced, AND I was able to keep the same maturity date on my mortgage. In my experience, I told them what I wanted. Then they consulted with the investors. They made me an offer and I made a counter offer. Keep in mind that you have something investors are looking for - you want to keep your home and you ARE making payments.
If you are not happy with their offer, make a counter offer. What's the worst that can happen? You are already in BK. You are just trying to improve your life. Hope it works out for you!

[river147]

modification before filing chapter 13

Can someone please help me out with this. I am 2 months behind on mortgage and just send in my mod. package to BOA. I know I have to file a chapter 13, but should I wait till my modification is finalized or can I go ahead an file bk?
I have to start making my trial mod. payments the next 4 months.

[HHM]

Ideally, if you have started the loan mod process, you should try to see it through before filing BK. But realize, the loan mod process can sometimes take 6+ months. The filing of BK will usually stop any loan mod process. Then you will be forced to start over, and although loan mods are "possible" in a active 13, the banks are not necessarily inclined to do them.

The problem, as I see it, if you NEED a loan mod to afford your house, you are probably better off walking away unless all you need is a short term fix. But if you need a loan mod, long term, probably should just walk.

[river147]

Loan Modification

Please help. I'm starting my 4 month trial modification to BOA. I am wondering is it true that they can forclosed and sell my house right under neath my nose while I'm in the trial period even when I make all timely payments??? Is the trial mod. a way for them to delay my forclosure process even after the payments are made??

[freeatlast98]

Please Help!! Loan Modification BofA

I have no reply to your question however, I just wondering how you had B of A even offer you a modification. I'm current on my loan currently and every time I call them they say I don't qualify because my loan was established in May 09. I know I am going to fall behind due to the fact my business income has diminished in the past year or so. I even went as far as requesting an "in house" modification and after receiving two generic letters over a period of three months, they said they couldn't help but i should keep my payments up in case in the future they can help me.
I'm also having to file Chapter 7 in the next 60 days or so.
I've asked several people and they say I might have a better chance for a modification after the discharge because I'll have more available income. Does anyone know the answer to this. I'm confused and I don't have an attorney because I can't afford one.

I've seen the numerous threads dealing with the legality and morality of bk pre-planning. Is there someone who would like to go over some things that would be OK to do? I'd like a legal guide to pre-planning. I don't mean cash advances and plasma screen TV's, but maybe stocking up a little on diapers and baby formula. I already know it's wrong, but I'd just like someone to chirp in with ANY advice that would be accecptable. If it ends up being that nothing besides stopping the cc use and waiting the 90 days is the only advice that shows up, so be it. I just wanted to know what steps I should take if any. Please share any ideas that bk would affect in the future. I don't just mean how to buy things and hide them (not going to do that), but more like getting insurance in order, healthcare, car loans, etc...) or anything that people have run into after bk and said, "I should have done that before I filed!". Thanks for the help.

[multipse]

PLease help i filed for chapter 7 and I want to know how can I file a motion to modify my loan.Wells fargo has already approved me, they just want the judge to approve.