Loan mod - - how will it affect my filing bk?

[midnight]

Okay, because we were late, we applied for a loan mod to Wells Fargo back in June, their proposal was roughly $125 less a month. Just last week received another set of loan modification papers, this proposal is about 1,000 LESS than our original payment. I spoke to two separate CSRs, the first said she doesn't understand why we received a second set of documents because it looked to her like the 1st loan mod was approved. The second CSR I talked to said that our account was re-reviewed and the new loan mod supersedes the previous one.

Has anyone filed BK during a loan modification process? Should I not even try to do a 7 and just do a 13?? I still am planning on following up with Wells Fargo. Is it ok to ask them how a bankruptcy might affect everything??

Our main concern is that we want to remain in our home.

[calgirl67]

We are in the same boat

We are currently in a trial period with WF and really need to file Ch 7 to discharge our $100k unsecured CC debt.

If anyone knows the answer to this, pls post!!!!!!!!!

[JimKutkowski]

Yeah,

I would wait until the loan mod is set in place and in writing before filing just because the bank might get skittish and "lose" the mod documents if you file.

Also you will still have to qualify for Chapter 7 if you want to go that route regardless of the loan mod.

[midnight]

Unfortunately in my case, it could take months for the loan mod to go through. My first loan mod paperwork was submitted in June, and I never got the response if it was approved or not even though all the trial period payments were made. Seeing as how Chase just served me with a summons, I'm to worried to wait. From what I can tell from googling, it, the bank may deny the loan mod once they learn you file bankruptcy, however, you can re-apply for one once done. My guess it it varies from bank to bank and customer to customer. I spent half the day talking to my attorney and will call Wells Fargo tomorrow if I can sneak a moment away during work. Will post if I have anything of significant use. Hoping to file in the next two weeks.