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I have filed chapter 13 bankruptcy in florida with the intentions of keeping my home. I have a second mortgage which is included in the bankruptcy. I made my payments for several months on the 1st mortgage & now I am 3 months behind. I am hoping to work out a loan modification. I am not sure if I will be approved. I will not know the decision of the modification prior to my court date for the bankruptcy. I am trying to decide if I should put the 1st mortgage in with the bankruptcy as well. I have about 11 years only left on my 1st mortgage so this is a really hard decision. Do I not include it in the bankruptcy & risk the decision of a hardship loan modification? If I am denied, then I risk foreclosure as well. I only need to lower my payments about $300. Do most mortgage companies really work with the owners? My balance on the 1st mortgage is about $75000.00 & I feel the home is worth $65-70 thousand. There may not be much deficiency in the foreclosure. Please advise

Niicss · Posted: Sat Jul 31, 2010 3:08 am Post subject:

As you've already filed Chapter 13, your first lender will not be ready to modify your loan unless your bankruptcy is discharged. In such a situation, you can include your first mortgage in the bankruptcy filing as well. Chapter 13 helps in reorganizing the debts. Thus, you would receive an affordable payment plan depending upon your financial situation which will help you in paying off the dues.

Posted: Sat Jul 31, 2010 9:55 am Post subject:

Would they consider mofifying it if it is finalized?

jameshogg · Posted: Mon Aug 02, 2010 2:08 am Post subject:

Hi Guest,

If the loan modification has been finalized and you've filed bankruptcy, still then you won't be able to get the modification unless your bankruptcy filing has been discharged.

Thanks

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