Posted on: 27th May, 2009 05:04 pm
i am currently trying to get a loan modification. last year i filed chapter 7 bankruptcy. i had a first and second mortgage after the first fell behidnd i was instructed to stop paying on the second. i stopped last august and was told give up. well with all of the new ways they are working with people they are trying to save and lower my first and lower my second,. they want me to call and set up some arrangements, i do not want to do this until i know what ios happening with the first but i can only afford the first if they lower ther second or it would really help. should i call?
Hi pets_kids,
Loan modification is a good way of saving your property from foreclosure. You have mentioned that you had filed Chapter 7 last year. I guess, you've reaffirmed the debts and paying it off. If you feel that the first mortgage dues are too high, you can speak to your first lender and check out if he could modify it.
As far as the second loan is concerned, he has agreed to modify the loan. Thus, it will now become easier for you to pay the dues. The lender may reduce the interest rate and can increase the term of the loan.
Thanks
Loan modification is a good way of saving your property from foreclosure. You have mentioned that you had filed Chapter 7 last year. I guess, you've reaffirmed the debts and paying it off. If you feel that the first mortgage dues are too high, you can speak to your first lender and check out if he could modify it.
As far as the second loan is concerned, he has agreed to modify the loan. Thus, it will now become easier for you to pay the dues. The lender may reduce the interest rate and can increase the term of the loan.
Thanks
If the lender are willing to talk to you and adjust your interest and payments there shoudl not eb nay harm in talking to both of them.
Once your first modification is done the second wants to know the details to make proper adjustments.
Once your first modification is done the second wants to know the details to make proper adjustments.
I am sorry there is a missunderstanding I have not reafirrmed anything I am still talking to a Hud councler we are trying to get the new affordable loan but unless that happens I can not do anything and I waould have to walk away which is not what I want to do. As nothing has been finalized with the first I am afraid to talk too much to the second. I will reafirm and work with everyone if the prices are possible. I am just afraid that I may say too much.
I THINK GO WITH LOAN MODIFICATION
Kat I can under yoru situation. Probably waiti until you have some good news from 1st and then approach the second lender for modification.