Compare Mortgage Quotes

Guest

I will be finished w/Chp 13 in Jan. 2010. My question is would i be eligible for a loan modification, if so, will it affect the Chp. 13? I'm behind because I don't have an escrow account and it is very frustrating to pay mortgage, property taxes and the CHp. 13. Will I still be granted a discharge when my bk is over in jan. 2010 even if i qualify for a loan modification?

smithsussane · Posted: Tue Nov 10, 2009 8:02 pm Post subject:

Hi sheppard!

Welcome to forums!

I hope you are paying the mortgage dues as per the payment plan given to you in your Chapter 13 filing by the lender. If you complete paying off the dues in January, 2010, then you would receive a discharge from your bankruptcy. You may apply for a loan modification now but it would be your lender's discretion whether or not he would agree to it. You will get your bankruptcy discharge when you pay off your dues as per the new payment plan given during modification.

Feel free to ask if you've further queries.

Sussane

Guest

If the mortgage com. thinks i'm not qualified for a loan modification, then what? Isn't a loan modification and a refinance two different/separate things? Will the terms of my loan stay the same if the loan modification is accepted?

smithsussane · Posted: Mon Nov 16, 2009 12:43 am Post subject:

Hi sheppard!

Welcome to forums!

Refinance and loan modification are totally different things. In a loan modification, the lender gives you a new repayment plan to pay off the dues. He can reduce the interest rate of the monthly payments thereby making it affordable for you to pay off the loan. However, your term of paying off the loan may get increased. Refinance, on the other hand, is taking a new loan to pay off the old one completely. It will have totally new terms and conditions.

Feel free to ask if you've further queries.

Sussane

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

Loan Modification/Chp 13.