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dgosine · Joined: 03 Nov 2009 Posts: 1 1.26 Dollars($)

i would like to get a lower rate in my mortgage presently i have 6.25% and would like to have a 3% in order to meet my debits, i lose my part time job and presently work for 40,250 a year with 1,200 with SSD

jenkin7 · Posted: Tue Nov 03, 2009 10:15 pm Post subject:

Hi dgosine,

You will have to reaffirm the mortgage under chapter 7 bankruptcy, in case you want to get approved for a loan modification. Unless you reaffirm the mortgage, the lender will not want to modify your loan. However, if your current interest rate is 6.25%, it is unlikely that your interest rate will be reduced to 3%. A maximum of 2% reduction can be expected through the modification. But that too is not guaranteed as much depends on your individual lender and your particular situation.

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can i still get my loan modify after file chapter 7