Posted on: 01st Jun, 2009 12:44 pm
I AM TRYING TO DO A LOAN MODIFICATION AND THEY SAID I AM APPROVED FOR 6 MONTHS BUT AFTER THAT THE LOAN GOES BACK TO IT'S ORIGINAL WAY BECAUSE I DIDN'T SIGN A REAFFIRMATION WHEN I FILED BANKRUPTCY. I WAS DISCHARGED IN DEC. / 08 AND IF I GET A REAFFIRMATION THEN I CAN REQUEST AN ADDITIONAL 18 MOS FOR THE MODIFICATION......MY BK LAWYER SAYS THEY CAN NOT HELP ME....IS ALL OF THIS TRUE/
The reaffirmation agreement(s) must be entered into prior to the filing of a discharge in bankruptcy and before the debtor actually receives the many disclosures required from his creditor
Hi Guest,
A reaffirmation is required in bankruptcy to assure the lender that you have the intention of paying off the mortgage and you will continue making the payments to keep the house. As there was no reaffirmation on your part to honor the loan agreement and keep making the payments, the lender now seems unwilling to modify your loan for a long term. You cannot force them to modify the loan. But I think you should send them a hardship letter explaining your hardships and why you need to modify the loan for a longer period of time. You need to talk with the lender and convince them to extend the term of the modification agreement.
A reaffirmation is required in bankruptcy to assure the lender that you have the intention of paying off the mortgage and you will continue making the payments to keep the house. As there was no reaffirmation on your part to honor the loan agreement and keep making the payments, the lender now seems unwilling to modify your loan for a long term. You cannot force them to modify the loan. But I think you should send them a hardship letter explaining your hardships and why you need to modify the loan for a longer period of time. You need to talk with the lender and convince them to extend the term of the modification agreement.
Jenkin7 is correct.
Write a hardship letter to yoru lender and this forum has a sample of the same.
Write a hardship letter to yoru lender and this forum has a sample of the same.