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seascape72 · Joined: 19 Apr 2009 Posts: 11 4.00 Dollars($)

I am 8 months behind on my mortgage due to business failure & multiple sclerosis. Requested a loan modification, recently filed a chapter 7 (4/21/09) but need a chapter 13 due to second mortgage.
(can't afford to pay lump sum)

adonis · Posted: Sun May 17, 2009 11:34 pm Post subject:

Welcome seascape,

If you want to convert Chapter 7 into Chapter 13, you need to speak to your bankruptcy attorney and take the necessary steps. As you have already filed for bankruptcy, the lender will stop working on your loan modification request for now. Once your Chapter 13 bankruptcy is discharged, the lender would give you a new payment plan and you will have to pay off the debts according to the new plan.

seascape72 · Joined: 19 Apr 2009 Posts: 11 4.00 Dollars($)

My attorney advised me that if my lender will approve the loan modification he would convert it to a Chapter 13. I did not tell you, my home is in foreclosure now & no sale date at this time.

jameshogg · Posted: Mon May 18, 2009 10:21 pm Post subject:

Hi seascape,

Have you already filed bankruptcy? If not, then you can definitely apply for a loan modification with your lender. But if you have already filed bankruptcy, then getting a loan modification will be difficult for you. The lender may not accept your request.

Thanks

seascape72 · Joined: 19 Apr 2009 Posts: 11 4.00 Dollars($)

I filed the loan modification, then the bankruptcy. I phoned Chase and they told me that I needed to pay $8,000. I told them that I do not have the money. No other info was provided to me. I now have a Negotiator & will attempt to speak with her tomorrow. She is in Chases' Bankruptcy Dept. I will keep you informed.

Thank you

jameshogg · Posted: Wed May 20, 2009 9:00 pm Post subject:

Hi seascape,

It's good that you have got a negotiator for yourself. Wish you all the best in your attempt to modify the loan Smile

. Hope to hear from you soon.

Thanks

seascape72 · Joined: 19 Apr 2009 Posts: 11 4.00 Dollars($)

My Chapter 7 was discharged 6/23/2009. Bankruptcy attorney told me that I could apply for a Chapter 13 in 4 years. Loan modification group & Chase negociator have not responded. I will call them on Monday. What happens to the second mortgage?

Niicss · Posted: Mon Jun 29, 2009 2:07 am Post subject:

Hi seascape

Have you reaffirmed your second mortgage? You can reaffirm your second mortgage and start paying off the dues. This will help you in saving your home.

Thanks.

seascape72 · Joined: 19 Apr 2009 Posts: 11 4.00 Dollars($)

No I did not reaffirm my second

adonis · Posted: Tue Jun 30, 2009 10:09 pm Post subject:

As you have not reaffirmed the loan, you're not personally liable to pay the mortgage dues. But the second mortgage lender still holds a lien on the property and can go ahead and foreclose the property.

seascape72 · Joined: 19 Apr 2009 Posts: 11 4.00 Dollars($)

I want to keep my home. Is it too late to reaffirm. The 1st is $365,000 & the 2nd is $84,000 with the home valued @ $199,500 (no equity). My negotiator request me to call her 7/7/09.

seascape72 · Joined: 19 Apr 2009 Posts: 11 4.00 Dollars($)

I requested my loan modification in 11/2008.

jameshogg · Posted: Thu Jul 02, 2009 10:52 pm Post subject:

Hi seascape,

It will depend upon Chase whether or not they would reaffirm your mortgage. You should contact your negotiator and see whether or not the lender negotiates and reaffirms the mortgage for you. If the lender reaffirms the mortgage, you would become personally liable for the mortgage dues but you would be able to save the property.

Thanks

Guest

My Chase negotiator called 6/30/09 (another dept is now working on the case) & she asked me to call her back on 7/7/09 @ 1:45pm.

Thank you

adonis · Posted: Fri Jul 03, 2009 8:58 pm Post subject:

Hi seascape,

In my opinion, you should call the Chase negotiator on the given date and check out whether or not they are ready to negotiate with you. If Chase negotiates with you and gives you a payment plan, then you would be able to save the property.

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Would Chase accept me back?