remodify 2nd before filing chapt 7 and how?

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Originally Posted by Anonymous I will be filing chapt 7 shortly but have a question about 2nd mortgage. I'm current on both 1st and 2nd because we need to keep our home, for a disabled child, but would like to modify the 2nd and 1st if possible from ARM to fixed. 1st is with bank of america 2nd with GMAC. Should i approach the lenders before filing and do I need to reaffirm both?

Be careful here. If you are close on the means test, lowering your bill on this could make you unable to file ch. 7. I am over the median income and got a modification on my first which is saving me about $900 a month. That's great, but with the reduced mortgage I am having a really hard time passing the means test to be able to do a ch. 7. Don't shoot yourself in the foot. If you are under the median income or can pass the means test with a reduced payment go for it. My first and second are BofA. I got a making home affordable mod. on the first through them but it took a long time. I waited and waited to file the bk because everybody told me that a bk might mess up the mod. Nobody really knew it could work the other way.

Good luck to you.