QUESTION
If I sign Modification papers, Post Bankruptcy, am I back on the hook for the loan?
Asked on Sep 03rd, 2013 on Bankruptcy - Missouri
More details to this question:
I've filed bankruptcy and it's been discharged a year now. I've been trying to get BOFA to work with me on a modification. They've sent me the final paperwork. If I sign the Modification docs, does that re-establish liability on the loan?
1 ANSWER
Bankruptcy Attorney serving Burbank, CA
Partner at
Law Office of Mark J. Markus
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3 Awards
I don't believe so. A loan modification is not a new loan. It is, as the name states, a modification of an existing loan. Therefore, I would argue that as long as you did not reaffirm that loan in your bankruptcy case, your discharge still covers it.
A refinance would be different, since that is a new loan.
Mark Markus has been practicing exclusively bankruptcy law in California since 1991. He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization, AV-Rated by martindale.com, and A+ rated by the Better Business Bureau.
Answered on Sep 03rd, 2013 at 9:08 PM