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Bankruptcy affecting home modification?

Depending on you situation, bankruptcy can affect home modification. If you are currently in bankruptcy, then the courts will likely decide the fate of your finances, and the fate of your home.

But, if you have already been through bankruptcy and come out on the other side, and you are looking at trying to get a home loan modification, then you may have a problem.

As mentioned in other posts, when you are behind in your mortgage, and are seeking a loan modification, remember, the bank or the note holder has no mercy for you. All they are trying to access is which is the best thing for them, meaning, what is the least amount of money they stand to lose by either extending you a loan modification, or…. foreclosing on you home.

And, if you are going to get a home loan modification, then you need to be able to show that it is in the banks best interest to make the modification because you are willing and able to pay at the new modified amount. If you cannot show that, or prove taht you will be able to pay a lowered amount, then the bank is likely to foreclose on you.

Another thing to remember is that if you already filed for bankruptcy, then you cannot file again for a specified number of years.

If you do need help, then you should contact an attorney for help, or a loan modification company. Keep in mind, that with loan modification companies, you neeed to check references, and make sure they are reputable.

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