QUESTION
Will filing for bankruptcy mess up my re-modification of my home loan?
Asked on Sep 26th, 2012 on Bankruptcy - New Jersey
More details to this question:
I'm currently in foreclosure and am in the process of re-modifying my home loan. Will filing for bankruptcy cancel the re-modification?
7 ANSWERS
Daniel James Wilson
First, don't count on getting a loan modification. If lender wants to do a modification BK will not be a barrier.
Answered on Sep 29th, 2012 at 1:35 AM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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It is possible. Consider completing the loan modification and then look into bankruptcy. Please understand that bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step.
Answered on Sep 29th, 2012 at 1:34 AM
That will depend on the lender. Some will see that you now have more money with which to make your payment and some may decide that they don't want to loan you money. Talk to the lender before you file. I would also talk to a bankruptcy attorney about what they tell you, so that you don't get taken.
Answered on Sep 29th, 2012 at 1:08 AM
Criminal Law Attorney serving Fremont, CA
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Steven J. Alpers, A Professional Corporation
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It may complicate matters. You will have to get permission to complete the refi.
Answered on Sep 27th, 2012 at 5:11 PM
Bankruptcy Attorney serving Myrtle Beach, SC
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Law Office of Margaret L. Evans, PC
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Question: Will filing for bankruptcy mess up my re-modification of my home loan? *- it will bring everything to a grinding halt immediately upon filing; by "mess up" I'm not sure what you mean exactly ......... ALSO: it may be wiser to modify the loan and THEN file for bankruptcy, depending on your particular circumstances; a bankruptcy will NOT protect the home AFTER the foreclosure sale* Question Detail: I'm currently in foreclosure and am in the process of re-modifying my home loan. Will filing for bankruptcy cancel the re-modification? *- YES, absolutely*
Answered on Sep 27th, 2012 at 3:54 PM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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In NJ, you can combine the modification into the bankruptcy without much of an issue.
Answered on Sep 27th, 2012 at 3:44 PM
Criminal Defense Attorney serving Deltona, FL
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R. Jason de Groot, P.A.
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Probably so. When you file bankruptcy a federal law comes into effect called the automatic stay. It prohibits creditors from filing suit or proceding with a suit already filed.
Answered on Sep 27th, 2012 at 3:44 PM