After filing Chapter 13 bankruptcy (mortgage included -fixed rate) my husband became unemployed, so we are now 6 months behind on our mortgage and our attorneys are submitting for a loan modification, what is the process? Is a loan modification always granted?
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Tags: Attorneys, Bankruptcty, Bankruptcy Mortgage, Chapter, Chapter 13 Bankruptcy, Filing Bankruptcy, Filing Chapter 13 Bankruptcy, Fixed Rate, Loan, Loan Modification, Loan Mortgage, Loan Process, Modification, Mortgage, Mortgage Rate
2 Responses to “What Is The Loan Modification With Your Mortgage While In Chapter 13 Bankruptcty?”
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Filled Under: Mortgage Loan Modification
November 19th, 2009 at 2:35 am
no not always. If the lender and the trustee believe that you cannot honor the payment plan then they will take the home out of the bankruptcy filing by a motion from the lenders attorney and foreclose on your home. The worst thing is that he lost his job so how can you even pay the trustee the required payments unless you were on a short schedule and modify it to the full 5 years
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November 19th, 2009 at 3:03 am
The most common “modification” is for the bank to allow you to miss 6 payments with no penalty. That money is added on to the balance of the loan..
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