Posted on: 27th Aug, 2013 12:17 pm
I filed a chapter 7 bankruptcy and it was discharged in Apri of 2013. I am doing a trial loan modification with my 1st mortgage and am getting ready to make the final payment. I also have a HELOC which is 8 months behind. My attorney has contacted the HELOC and they did not accept the offer of lowering my payment. Since I know that they can foreclose on my home (which is about 49K under water), I am contemplating not going thru with my modification in the hopes that "maybe" they will work something out with me. I don't have money to offer a settlement. I am fearful that SLS will just go ahead and try to foreclose, and then I will be making mortgage payments on a home that I don't have.
Can anyone advise? FYI - my attorney has not answered my questions, so thought that maybe there was someone on here that had been in my situation and could advise
Can anyone advise? FYI - my attorney has not answered my questions, so thought that maybe there was someone on here that had been in my situation and could advise
Hi dvickferr,
You have mentioned that you filed Chapter 7 and have received a discharge from it. I assume you have even included your home and the associated mortgages with it in your bankruptcy. If the mortgages has been discharged, you are not personally liable for the mortgage payments. You can simply surrender the property to the lender and get rid of the debts.
Thanks
You have mentioned that you filed Chapter 7 and have received a discharge from it. I assume you have even included your home and the associated mortgages with it in your bankruptcy. If the mortgages has been discharged, you are not personally liable for the mortgage payments. You can simply surrender the property to the lender and get rid of the debts.
Thanks
Hi dvickferr!
Welcome to the forums!
You will only be able to modify your loan if you have reaffirmed your mortgage while you were in bankruptcy. If you haven't done that, then the lender won't modify the loan.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
You will only be able to modify your loan if you have reaffirmed your mortgage while you were in bankruptcy. If you haven't done that, then the lender won't modify the loan.
Feel free to ask if you've further queries.
Sussane