If I file for bankruptcy after I have my home loan modified, will the terms of my modified loan change?

I am working with my lender to get my home loan modified. I also will have to file for bankruptcy; that is after my hugely expensive divorce is final. I have heard that once I modify my home loan, I will lose the modification terms if I apply for chapter 7. Is that true?

By | 2013-08-26T07:20:48+00:00 August 26th, 2013|Mortgages Home Loans Interest Rate|3 Comments

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3 Comments

  1. lwp777 August 26, 2013 at 8:58 AM - Reply

    I don’t believe a Chapter 7 would affect your loan modification in anyway unless you included the mortgage in the bankruptcy, which I’m assuming you are not. The lender is not going to care that you filed for BK unless you are trying to get out of the house. As long as you keep making the payment monthly they can care less what is happening with you!

  2. Ramona-please step back! August 26, 2013 at 8:31 AM - Reply
  3. psychopiet August 26, 2013 at 7:52 AM - Reply

    As you will loose your house, you do not have to worry anymore about the home loan.

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