Posted on: 17th Oct, 2012 02:39 am
I am underwater on my property and mortgage and have been trying to get my lender to eliminate the second and modify the first. But have had no success. I have a first that is a 6.9% Interest Only ARM with an $190,000 balance an a second wit same company that has a $19,000 balance. I have had to file Bankruptcy because I went blind and had to exhaust my 401 to keep from being behind on any payments. I took a chapter 7 and thought my mortgage was reaffirmed but now find out it was not. Can I use it as leverage to get the lender to eliminate the second?
Hi Shahrea,
If you get a bankruptcy discharge and don't reaffirm the loan, then you will get a discharge from loan payment. In such a situation, the lender won't be able to come after you in order to recover the payments. Also, if you don't reaffirm the loan, you won't be able to modify the loan.
Thanks,
Jerry
If you get a bankruptcy discharge and don't reaffirm the loan, then you will get a discharge from loan payment. In such a situation, the lender won't be able to come after you in order to recover the payments. Also, if you don't reaffirm the loan, you won't be able to modify the loan.
Thanks,
Jerry
hi shahrea!
welcome to forums!
to know all about chapter 7 bankruptcy filing, you can check out the given page: http://www.mortgagefit.com/bankruptcy/chapter7.html .
feel free to ask if you've further queries.
sussane
welcome to forums!
to know all about chapter 7 bankruptcy filing, you can check out the given page: http://www.mortgagefit.com/bankruptcy/chapter7.html .
feel free to ask if you've further queries.
sussane