Posted on: 30th Jul, 2010 12:10 pm
I need advice. Last year I went through a divorce as well as Chapter 7 bk. Ex husband left me in debt on home as well as credit cards as we refinanced it several times during 9 yr marriage. His name remains on the mortgages, but not on the deed. House is worth about $410,000 currently-Owe $429,800+ on 1st to EverHome and the 2nd to BofA in the amount of $90,000. The 2nd was listed as discharged in chapter 7. During this last year I have attempted 3 times with both companies to get the loans modified and neither are helping me. I do not have the money (I did just declare bk-duh) to make a lump payment to pay off the 2nd. I know if I simply walked away from my childhood home of over 50 years, BofA would get nothing and can not come after me either. The 1st mortgage will ARM in 2015 and I will be 64 years old at that time and can't afford $3,140 a month payments. My home is as old as I am and in need of repairs that I can't afford - trying to obtain a tenant for a spare bedroom, but need to make repairs first and I'm barely making it payck to payck. Do I seek a modification lawyer as I've attempted on my own, do I talk to a bk lawyer and maybe file a chapter 13 in a couple of years to get rid of the second. Please help me make the choices I need to make to keep my home. Thank you.
Hi lkwdlady,
You've mentioned that you filed Chapter 7 and got both the loans discharged. You did not reaffirm the loans as they were not in your name. Thus, you're not personally liable for the dues. So, the lender is not agreeing to modify the loans. Unless, your name is mentioned on the mortgage docs and you're personally liable for the loan, no lender will refinance it.
You've mentioned that you filed Chapter 7 and got both the loans discharged. You did not reaffirm the loans as they were not in your name. Thus, you're not personally liable for the dues. So, the lender is not agreeing to modify the loans. Unless, your name is mentioned on the mortgage docs and you're personally liable for the loan, no lender will refinance it.
My name as well as the ex-husbands name were on both mortgages and remain that way. I am the only one paying as I remain in the home (previously inherited from my father) and we are now divorced.
We had an RV loan with BofA and they took it upon themselves to add that loan as well as the mortgage to the bk-it was NOT something my lawyer or I did. My name is on the mortgage documents and I have been told I can refi in about 2 years if I can hold out. Both banks aren't talking modification to me because I am not 2 months behind.
We had an RV loan with BofA and they took it upon themselves to add that loan as well as the mortgage to the bk-it was NOT something my lawyer or I did. My name is on the mortgage documents and I have been told I can refi in about 2 years if I can hold out. Both banks aren't talking modification to me because I am not 2 months behind.
Hi lkwdlady!
Welcome to forums!
It is true that unless you're 2-3 months delinquent on your mortgage payments, you won't be able to qualify for a loan modification. Lenders generally approve a modification when you're 2-3 months past due on your mortgage payments.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It is true that unless you're 2-3 months delinquent on your mortgage payments, you won't be able to qualify for a loan modification. Lenders generally approve a modification when you're 2-3 months past due on your mortgage payments.
Feel free to ask if you've further queries.
Sussane