Refinance or Loan Modification After Bankruptcy
laniganpl.com/practice-areas-b... (Winter Park, Florida) bankruptcy lawyer Eric Lanigan talks about the options you have after you finished a bankruptcy and now you want to seek a modification of your home mortgage.
You are not creating a legal obligation to pay the bank back if you enter into a modification agreement. For instance, in a HAMP manual that deals with the Home Affordable Mortgage Plan, one of the government plans, the government specifically says that you are not reaffirming the debt or reinstituting the liability.
From our own experience here we’re constantly involved in modifying loans that have been discharged in bankruptcy in fact we often find it much easier to modify those loans because the bank is over the idea that they have this big legal obligation hanging over their head.
They recognize the fact that if it’s been discharged in bankruptcy they don’t have that so the conversation really now is about what the property is worth, not what you owe because you don’t owe anything. So there is no law on that point.
Keep in mind, you can get a modification where people are getting them all the time it does not in and of itself create a new legal obligation or reinstitution of the obligation that was discharged, but make sure you’re actually doing a loan modification and not a refinancing and the best way to do that is have a lawyer knowledgeable in the subject review the agreement before you sign it.
Consult with mortgage workout specialist Rich Marquez, a non-attorney who works for the Lanigans. Call 407-740-7379 to meet in the offices located at 831 W. Morse Blvd., (Winter Park, Florida)
If you liked this video you may find this video on the Lanigans KZread video helpful: "Auto Equity Greater Than Exemption - Florida Bankruptcy" kzread.info?o=U&vide...
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I have penny Mac mortgage,,they are the only bank that is not forgiven pass due payment because of COVID-19 so I signed up for Modification but I had filled for BK I received the documents I had called the BK lawyer who didn’t go over the documents for me, so after watching your video I know what to look for in the documents. Once I’m able to refinance I’ll do so, penny Mac mortgage is not a good company even before COVID-19, I original company sold my mortgage to them I wish home owners have the right to stop their mortgage from been sold to other companies without their permission, I was very upset when they did that. Thank you for the information it was very helpful
After 3yrs, the death of my husband, who never knew I saved our home and a hired lawyer that I also made payments to, I received a modification from OCWEN. I was also told we had to be 3 months behind. They kept saying the need more paper work too over and over again. Denied Hamp then denied in house modification numerous times until I hired the lawyer. The catch is that they added yrs. to my mortgage now 46 plus the mortgage wasn't reduced just the interest rate, but also say I have a balloon payment at maturity of $151,000 with no explanation of what it is for. The lawyer said worry about it then, which I wasn't happy with. I actually forgot about that balloon between the yrs. of stress applying, my husband getting sick and his passing and at least I'd have a roof over my head and grandchildrens heads. I finally opened an online account and I believe it's called a fixed rate balloon mortgage. I'll have to look at it again. Who's going to give an 83yr. old disabled widow a loan for a balloon payment. When I asked Ocwen a few days ago they said you probably won't owe that. Why can't they tell me how they arrived at that figure. How can this be and what should I do? If a pay extra towards the principle it doesn't seem it would reduce a balloon payment just the same mortgage. And what about all the payments I had already paid before this modification, it's like they don't exist since the original amount is what's on the mortgage statement. Any advise please. I live in Long Island, New York. I've been paying the mortgage for 4 1/2 yrs this balloon is due 2037. Why can't I pay anything towards that balloon and why did my lawyer think this was good?
My question is why would anyone make any (voluntary payments), on a discharged debt by their personal bankruptcy, before we digress to HJR 192, evidence by US corporate bankruptcy June 5, 1933...
@zenseed75
4 жыл бұрын
If you dont, you lose your home.