Posted on: 05th Jul, 2009 12:33 am
Filed Ch 7 in NV 2007 Including mortgage and heloc.. reaffirmation not filed.. voluntarily making payments which are current. Can I qualify for a loan modification... I would be glad to reaffirm if possible but have read that it is not possible once the CH 7 is discharged... mortgage statements still say that they are for information only, etc... HELP! A modification will keep me in my home. ARM Loan adjusts in 2 yrs and will double with principal added. Interest only now. Thank you.
hi dbbonline!
welcome to forums!
it is not that you won't be able to reaffirm the debts after your chapter 7 bankruptcy has been discharged. you should speak to your lender about reaffirming the debts. it depends upon the discretion of the lender whether or not he would be ready to reaffirm the debts. if you reaffirm the debts, then you would become personally liable for the mortgage and your payments would be reported to the credit bureaus.
at present, you are not personally liable for making the payments. in such a situation, i don't think the lender would be ready to give you a loan modification.
feel free to ask if you've further queries.
sussane
welcome to forums!
it is not that you won't be able to reaffirm the debts after your chapter 7 bankruptcy has been discharged. you should speak to your lender about reaffirming the debts. it depends upon the discretion of the lender whether or not he would be ready to reaffirm the debts. if you reaffirm the debts, then you would become personally liable for the mortgage and your payments would be reported to the credit bureaus.
at present, you are not personally liable for making the payments. in such a situation, i don't think the lender would be ready to give you a loan modification.
feel free to ask if you've further queries.
sussane