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?

need help asked:


I filed chp. 13 bankruptcy a few months back and now want to surrender my house. I owe more than the house is worth and cannot afford the mortgage payment. I am current on the mortgage payments and the bankruptcy payments. Will this be a foreclosure on my credit? Also, how long will have to wait before I am able to get another mortgage? I understand that FHA will be the only lender who would even consider a mortgage a few years after bankruptcy.