Posted by: admin in chapter 13 bankruptcy info on
Helpplzzzz asked:
Ok so this is what happened. Back in July of last year my home was to be foreclosed, however I decided to file Chapter 13 bankruptcy and kept my home. I got behind on my mortgage payments again due to medical reasons, and now my home is scheduled for auction on Feb. 10 of this year. I called my attorney today and he stated that we can do a loan modification to keep the home. He stated that I would have to come and fill out the paperwork for the modification. My question is what is a loan modification? How does the process work? Will my payments remain or lower? I know this is a lot of information however I am really confused as to how all this works. Will I be able to keep my home?
Ok so this is what happened. Back in July of last year my home was to be foreclosed, however I decided to file Chapter 13 bankruptcy and kept my home. I got behind on my mortgage payments again due to medical reasons, and now my home is scheduled for auction on Feb. 10 of this year. I called my attorney today and he stated that we can do a loan modification to keep the home. He stated that I would have to come and fill out the paperwork for the modification. My question is what is a loan modification? How does the process work? Will my payments remain or lower? I know this is a lot of information however I am really confused as to how all this works. Will I be able to keep my home?