I have been trying to get a loan modification on my home since last year. Then we had to file chapter 7, we haven't been discharged yet, but my attorney said just pay and stay not to reaffirm the home. This girl from PNC said that now investors are not letting home modifications go through unless you reaffirm as you can just walk away otherwise. Is this true? I am trying for the HAMP mod right now.
I am scared now I may loose my home. If I reaffirm now and then don't get approved on my mod, I will be stuck with the higher payment. If they did my mod and I could afford it, I might agree to reaffirm. What do you all suggest? I can't get in touch with my attorney right now, but will ask him tomorrow. Just wanted to see what you all have experienced. thanks
Is it true that home mods in process won't go through if you don't reaffirm in chap 7?
Started by
jmw1212
, Oct 27 2011 04:05 PM
7 replies to this topic
#1
Posted 27 October 2011 - 04:05 PM
#2
Posted 27 October 2011 - 07:14 PM
You can get mods on discharged debt. Yours is a little more difficult since you are in BK now it may have been a kiitke easier to wait for discharge to aPply for the mod.
#3
Posted 27 October 2011 - 08:14 PM
Unfortunately I was already in the application status for HAMP when we filed back in May. Not sure what's going to happen now. 
You can get mods on discharged debt. Yours is a little more difficult since you are in BK now it may have been a kiitke easier to wait for discharge to aPply for the mod.
#4
Posted 31 October 2011 - 09:26 PM
My attorney advised us to wait for our final mod before filing...just to avoid more trouble because he said in his experience banks can't help you till you are discharge. He did tell is not to reafirm our loan.
#5
Posted 31 October 2011 - 10:47 PM
We couldn't wait to file, we had no choice. I guess we will just see what happens and hope for the best.
My attorney advised us to wait for our final mod before filing...just to avoid more trouble because he said in his experience banks can't help you till you are discharge. He did tell is not to reafirm our loan.
#6
Posted 19 December 2011 - 08:34 AM
Did my home equity mod with chase right before I filed.
I did not reaffirm either 1st or 2nd but I'm paying both.
I did not reaffirm either 1st or 2nd but I'm paying both.
My attorney advised us to wait for our final mod before filing...just to avoid more trouble because he said in his experience banks can't help you till you are discharge. He did tell is not to reafirm our loan.
Edited by kenshell, 19 December 2011 - 08:34 AM.
#7
Posted 19 December 2011 - 10:38 AM
We couldn't wait to file, we had no choice. I guess we will just see what happens and hope for the best.
My attorney advised us to wait for our final mod before filing...just to avoid more trouble because he said in his experience banks can't help you till you are discharge. He did tell is not to reafirm our loan.
Good luck....PNC is who we are dealing with. We filed our bk 7 back in 2005 and did not reaffirm. We recently attempted a home mod and were denied because we make too much money, but then we were denied the in house program because we don't make enough money. Now, after 6 months of non payment so we could be considered, they won't even talk to us. They have put another company (see my other post) in charge of the foreclosure proceedings, and PNC says we have to deal with the other company. The other company is wanting a small fortune to catch up payments, and they are well known for asking for these large payments, taking their "legal fees" and sending the rest back only to tell you that it's too late. Dh and I are sick over this. When our loan was with National City, and we had a similar situation, they worked with us to get back on track after we were denied the mod. PNC is a whole other beast! I would honestly be surprised if you don't experience the same thing as us....they know we can walk away from the house without any repercussions, so they have nothing to lose by forcing our hand now. It's looking more and more like I will be searching for another place to live just after Christmas......unless we can get PNC to deal with us without Lerner Sampson & Rothfuss.
#8
Posted 27 December 2011 - 02:43 PM
We couldn't wait to file, we had no choice. I guess we will just see what happens and hope for the best.
My attorney advised us to wait for our final mod before filing...just to avoid more trouble because he said in his experience banks can't help you till you are discharge. He did tell is not to reafirm our loan.
Good luck....PNC is who we are dealing with. We filed our bk 7 back in 2005 and did not reaffirm. We recently attempted a home mod and were denied because we make too much money, but then we were denied the in house program because we don't make enough money. Now, after 6 months of non payment so we could be considered, they won't even talk to us. They have put another company (see my other post) in charge of the foreclosure proceedings, and PNC says we have to deal with the other company. The other company is wanting a small fortune to catch up payments, and they are well known for asking for these large payments, taking their "legal fees" and sending the rest back only to tell you that it's too late. Dh and I are sick over this. When our loan was with National City, and we had a similar situation, they worked with us to get back on track after we were denied the mod. PNC is a whole other beast! I would honestly be surprised if you don't experience the same thing as us....they know we can walk away from the house without any repercussions, so they have nothing to lose by forcing our hand now. It's looking more and more like I will be searching for another place to live just after Christmas......unless we can get PNC to deal with us without Lerner Sampson & Rothfuss.
Just proves things are different with each situation..
We are dealing with Citi and we are about 7 months behind right now. They have sent the loan to a different company to collect BUT Citi is working with us on trying to get a Mod going. At first, we tried for a payment arrangement but their "rules" are that you have 8 months to complete the payment arrangement. They wanted $5k as a downpayment and would split $1k between 8 months worth of payments (ontop of my Mortgage payment) they said the attorney fees were only under $20. WTF?
That doesn't make any sense as your loan in default is along the same time frame as mine and the 3rd parties fees are a small fortune? I'm telling you, I'm calling today to get a itemized break down of exactly what I owe.
Edited by goturtlego, 27 December 2011 - 02:45 PM.
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