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So, my husband and I filled chapter 7 last year. We did this to try to save our home, by then following it up with a modification. Well, the bank says that they did not receive the paperwork, so I am trying like crazy to get another set of paperwork filled out and faxed in. My question is, my credit report says that our Mortgage was included in our bankruptcy, but it doesn't say that it was / is discharged? Is it to late to save our home? My husband has put so much work into remodeling it, it just would be heart breaking to both of us to lose our first home together as a family.

Your mistake was thinking that filing a Chapter 7 would help you save your home. Chapter 7s do not help save homes. Further, filing a 7 has no impact on whether or not you can modify the loan under HAMP or some other program.

Your experience with the lender in modifying (lender losing documents you sent) is no different from millions of others in your situation.

If you want to try to save the home and are unable to get the lender to modify, you need to think about filing a Chapter 13. Yes, you can file the 2nd bk. You simply will not get a discharge and you don't need one since you have your Chapter 7 discharge. In the 13 you are given the opportunity to "cure and maintain". You would "cure" the arrears by making monthly payments to the Trustee for a period of 3 to 5 years while "maintaining" your regular monthly mortgage payments beginning the month after filing. While in the 13 you can continue to attempt to modify and, if successful, drop out of bk. The problem with the 13 is that you have to be able to afford the regular monthly payment on the mortgage as well as the Plan payment. If you cannot afford the payments you are wasting your time.

Alternatively, if you decide to walk away, since you did not reaffirm the mortgage through the Chapter 7, you have no obligation to pay the loan. The lender gets the property back, nothing more, nothing less.


Sub: #1 posted on Sun, 02/26/2012 - 05:28

despritfreya despritfreya

(Posts: 170 | Credits: )

As long as the home and the creditor were included in the Chapter 7 bankruptcy you have nothing to worry about. I would send them a copy of the bankruptcy case number and let them know the property was included in a bankruptcy filing. If they continue to harass you have your bankruptcy attorney contact them to stop it. If they want to continue on, hire an attorney and go after them for damages. I wouldn't ignore it as sometimes there are debts that get relisted and at this time you want to rebuild your credit, not continue to damage it. You should take a look at your credit report also to make sure it's not showing up there.

Sub: #2 posted on Tue, 03/20/2012 - 02:10

sandra.j0606 sandra.j0606

(Posts: 4 | Credits: )

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