Posted on: 18th Feb, 2010 05:26 pm
when a loan modatifcation is in prousses.and u file bankrupctuy,what happens to your loan
Hi mandersashandme,
The lender will stop your loan modification process immediately after you file bankruptcy. He will not go ahead with it as the court will issue an automatic stay on your creditors. This will bar them from taking any action regarding your debts.
Thanks
The lender will stop your loan modification process immediately after you file bankruptcy. He will not go ahead with it as the court will issue an automatic stay on your creditors. This will bar them from taking any action regarding your debts.
Thanks
Hi,
If you cannot pay the installments for loan modification then why don't you speak to your lender about your financial crisis so that you can negotiate on your monthly payment? If you file bankruptcy 7/13 it will not allow you for any loan for a certain period of time and will also hit your credit badly. Before filing for bankruptcy consult a good bankruptcy.
If you cannot pay the installments for loan modification then why don't you speak to your lender about your financial crisis so that you can negotiate on your monthly payment? If you file bankruptcy 7/13 it will not allow you for any loan for a certain period of time and will also hit your credit badly. Before filing for bankruptcy consult a good bankruptcy.