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Mortgage after Chapter 7

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Inovermyhead Guest	Posted: Mon Nov 16, 2009 5:17 pm    Post subject: Mortgage after Chapter 7 Like 0 Dislike 0 We currently owe $580K ($406 on 1st mortgage and $173K on home equity). Our home was just appraised for $495K. We have tried to modify our 1st mortgage twice and have been declined because we still would be negative because of our other debts. We decided to file for banruptcy and our attorney is preparing the petition for chapter 7 now. I hear you can't modify after bankruptcy. Does the court ever restructure the mortgage to reflect your home's market value? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
adonis Joined: 22 Oct 2005 Posts: 10247 Location: ALASKA 1043.30 Dollars($)	Posted: Mon Nov 16, 2009 8:35 pm    Post subject: Like 0 Dislike 0 Hi Guest, It would depend upon your lender whether or not he would modify the loan after your bankruptcy discharge. You'll have to reaffirm your mortgage in order to modify the loan. In my opinion, rather than filing Chapter 7, you can file Chapter 13. This will help you in reorganizing your debts. Your unsecured debts may get discharged and your lender will give you a repayment plan to pay off the dues within 3-5 years. This will help you save your property. _________________ Procrastination is the enemy of your financial success

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