Posted on: 04th Sep, 2012 03:20 pm
I filed bankruptcy 3yrs ago but i kept the house and continue paying for it. I had loan modification on this house 2 yrs ago. Does the loan modification of the house that was covered under bankruptcy , if i will not be able to keep it at all and not continue paying or just return it to the lender, would i still be protected with my bankruptcy discharged? If this is my only option, to give up the property, because the value is still less than what is owed.? i could not afford in any way to keep the house. Does loan modification take away the bankruptcy protection of the property? [font=Tahoma:5ea1d79098][/font:5ea1d79098][font=Times New Roman:5ea1d79098][/font:5ea1d79098][size=12:5ea1d79098][/size:5ea1d79098]
BK is a federal government allowed process...mortgages are independent, not necissarily tied to the gov. So if you have a loan mod, your US Citizen right to file BK still stands. What happens to the house after that is up to the judge...
Hi Angelkeith,
I guess you have reaffirmed your mortgage while you were in bankruptcy filing and then modified the loan. In such a case, if you stop paying the loan, the lender will sell off the property and may even come after you in order to recover the deficient balance resulting from the property sale.
I guess you have reaffirmed your mortgage while you were in bankruptcy filing and then modified the loan. In such a case, if you stop paying the loan, the lender will sell off the property and may even come after you in order to recover the deficient balance resulting from the property sale.
Hello Angelkeith,
Bankruptcy property exemptions are a complicated area of bankruptcy law. Your bankruptcy attorney will be able to determine which options are best for you.
:idea:
Bankruptcy property exemptions are a complicated area of bankruptcy law. Your bankruptcy attorney will be able to determine which options are best for you.
:idea:
