Hi,
We are currently in CH7, 30 days after 341 and awaiting discharge. We have permission from our attorney to talk to our lender about a possible loan modification of our mortgage. I am not sure where the road will end at this point, but we are realizing without a loan mod, financially, we probably should not stay here. Anyway, my question is this: if we do get a loan modification after bankruptcy discharge (will not sign reaffirmation agreements) do we now become legally tied to the property again? Meaning, instead of being able to walk away at any time (because we didnt' reaffirm) are we now legally bound to the loan modification terms and can only sell the house or foreclose with a deficiency judgement possible?
Thanks!!!
We are currently in CH7, 30 days after 341 and awaiting discharge. We have permission from our attorney to talk to our lender about a possible loan modification of our mortgage. I am not sure where the road will end at this point, but we are realizing without a loan mod, financially, we probably should not stay here. Anyway, my question is this: if we do get a loan modification after bankruptcy discharge (will not sign reaffirmation agreements) do we now become legally tied to the property again? Meaning, instead of being able to walk away at any time (because we didnt' reaffirm) are we now legally bound to the loan modification terms and can only sell the house or foreclose with a deficiency judgement possible?
Thanks!!!