Posted on: 08th Dec, 2010 01:08 am
Hi, we filed for bankruptcy on Nov 2009 and got discharged on March 2010. We included our mortgage because we planned to let the property go being already underwater. On April 2010, we received a letter from our lender BOA stating that they maybe able to help us with our loan, so we went ahead and submitted all required documents for the modification. My question is, If BOA will be able to modify the loan,is it worth it for us to keep the house since it is already included in our bankruptcy? And by the way, we stopped making our payments since 2009 , are we in big trouble since we are still in the house even after the discharge? Please help.....
Hi Jojo,
If you haven't reaffirmed the mortgage, then you're not personally liable for paying off the mortgage any more. Moreover, as there is no personal liability, the lenders do not modify the loans. It is quite surprising that BOA has agreed to modify the loan. If you want to get rid of the property, then it's better to surrender the property to the lender rather than modifying the loan.
If you haven't reaffirmed the mortgage, then you're not personally liable for paying off the mortgage any more. Moreover, as there is no personal liability, the lenders do not modify the loans. It is quite surprising that BOA has agreed to modify the loan. If you want to get rid of the property, then it's better to surrender the property to the lender rather than modifying the loan.