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Mortgage forebearance after bankruptcy discharge

Posted on: 12th Jan, 2012 04:23 pm
I was discharged from a bankruptcy back in June 2011. I did not reaffirm my mortgage. I am about to go into foreclosure. This week I had a meeting with the negotiator and my attorney for a possible modification (Michigan law allows three months prior to foreclosure for a possible work out option if requested by borrower after notice to accelerate--I requested that meeting according to the statute.) The mortgage company offered a three month forebearance. We plan to accept. However, my concern is that this forebearance agreement will recommit me to the loan or the amount in arrears. There is a paragraph in the agreement that states "borrower agrees that all payments not paid during agreement will be due at end of agreement period, including all past due amounts..." Does this void my bankruptcy protection? My attorney is not certain.
Hi Guest!

Welcome to forums!

As far as I can understand, this might void your bankruptcy protection. Nevertheless, you can have a word with your lender and check out what he has to say in this matter.

Feel free to ask if you've further queries.

Posted on: 12th Jan, 2012 08:34 pm
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