Home arrow Mortgage Forums arrow Announcements Feedback and Our Pub arrow

Mortgage forebearance after bankruptcy discharge

Author Message
Very Curious

Guest







Post Posted: Thu Jan 12, 2012 5:23 pm    Post subject: Mortgage forebearance after bankruptcy discharge
Like 0
Dislike 0

I was discharged from a bankruptcy back in June 2011. I did not reaffirm my mortgage. I am about to go into foreclosure. This week I had a meeting with the negotiator and my attorney for a possible modification (Michigan law allows three months prior to foreclosure for a possible work out option if requested by borrower after notice to accelerate--I requested that meeting according to the statute.) The mortgage company offered a three month forebearance. We plan to accept. However, my concern is that this forebearance agreement will recommit me to the loan or the amount in arrears. There is a paragraph in the agreement that states "borrower agrees that all payments not paid during agreement will be due at end of agreement period, including all past due amounts..." Does this void my bankruptcy protection? My attorney is not certain.
Icon Mini Profile smithsussane
smith.sussane




Joined: 18 Sep 2008

Posts: 10408
Location: Alaska
981.02 Dollars($)
Post Posted: Thu Jan 12, 2012 9:34 pm    Post subject:
Like 0
Dislike 0

Hi Guest!

Welcome to forums!

As far as I can understand, this might void your bankruptcy protection. Nevertheless, you can have a word with your lender and check out what he has to say in this matter.

Feel free to ask if you've further queries.

Sussane
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights

Bookmark this page

Helpful References

Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators

     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools

Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community

MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards

Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (252)











We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.048 seconds.