I just sent in my loan modification papers for the mortgage. Is it possible for them to approve my application even with all that credit card debt of$68,000? I am planning on filing BK on the credit cards. Should I wait to hear from the loan modication department first before filing BK?
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No, get the mod ASAP. Odds are that if you are under median and you have low equity in your home you qualify for 7. Get the mod first.I am a Pennsylvania Eastern and Middle District Bankruptcy, FDCPA, FCRA and Foreclosure Defense attorney, information I post is based on experience in these districts. It is not legal counsel, consider it friendly counsel.
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You will need to get the modification finalized before you file BK. A BK will kill any pending modification.
However, you are in a catch 22, with that much CC debt, the odds of being approved for a modification are slim (unless you earn 130,000 per year or more). Sorry to say.Comment
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Actually HAMP doesn't seem to take into account credit card debt. I've gotten clients through with less. My mod guy might be able to help, PM me. He's expensive, but he's worth it.I am a Pennsylvania Eastern and Middle District Bankruptcy, FDCPA, FCRA and Foreclosure Defense attorney, information I post is based on experience in these districts. It is not legal counsel, consider it friendly counsel.Comment
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