Posted on: 17th Oct, 2009 07:13 am
I was discharged from a Bk in April of this year (09). Never sign reaffirmation letter based on lawyers' advice.
I have two mortgages on my house and the property decrease its price on the market.
I want a modification loan, am I still elegible since I did not sign the reaffirmation letter?
Can I negotioate with the mortg. company directly or is it best to get a lawyer help me with it?
I have two mortgages on my house and the property decrease its price on the market.
I want a modification loan, am I still elegible since I did not sign the reaffirmation letter?
Can I negotioate with the mortg. company directly or is it best to get a lawyer help me with it?
There is not much to negotiate with the mortgage compnay
What you need to do is request a loan modification and submit your papers. Dependign on banks evalutation, they may approve or deny your modification request
What you need to do is request a loan modification and submit your papers. Dependign on banks evalutation, they may approve or deny your modification request
Welcome Guest,
Your lender won't agree for a loan modification because you haven't reaffirmed the loan. Signing a reaffirmation agreement would have made you personally liable for the mortgage dues. As you are not personally liable for the mortgage, lender won't be ready to modify the terms and conditions of the loan.
You can negotiate with the lender and check out his opinion. He may ask you to reopen the bankruptcy and reaffirm the mortgage.
Your lender won't agree for a loan modification because you haven't reaffirmed the loan. Signing a reaffirmation agreement would have made you personally liable for the mortgage dues. As you are not personally liable for the mortgage, lender won't be ready to modify the terms and conditions of the loan.
You can negotiate with the lender and check out his opinion. He may ask you to reopen the bankruptcy and reaffirm the mortgage.