Posted on: 28th Apr, 2010 03:18 pm
My loan modification with reasonable terms (2% interest for first 5 years, no principle reduction) has just been approved by Chase. However my second loan has been charged off by Chase and is now in the collector agency's hands. I'm thinking about declaring bankruptcy as I also have debt. Will bankruptcy forgive my second loan and allow me to keep my house with the loan modification for the first?
Hi saigonsouper!
Welcome to forums!
You can get your second loan discharged while you file bankruptcy. If you file Chapter 7 and reaffirm your mortgage dues, you will be able to save your property. In case, you go for Chapter 13, then your mortgages will not be forgiven. Rather, you would get a payment plan in order to pay off your mortgage dues within 3-5 years.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can get your second loan discharged while you file bankruptcy. If you file Chapter 7 and reaffirm your mortgage dues, you will be able to save your property. In case, you go for Chapter 13, then your mortgages will not be forgiven. Rather, you would get a payment plan in order to pay off your mortgage dues within 3-5 years.
Feel free to ask if you've further queries.
Sussane
I think that you are receiving bad info under ch 13 your mortgages can be discharged by the courft. Under ch 13 if you make more money than the maximun allowed by law for your county you will be on a payment plan to discharge debts and you can include your home to discharge the mortgage.