Thank you for your question.
Some lenders have the option to modify your loan. In this instance, the lender reviews the terms of your loan and tries to work something out with you with regard to modifying your loan to terms that you are more able to handle. However, this is done at the lender's discretion. It may be hard to find out your options while the property is in bankruptcy. However, once you pull it out of bankruptcy, you have no guarantee that modifying your loan will be possible.
There are many companies that will offer you assistance in trying to get your loan modified. However, many of them charge a fee.
Here is an interesting article on modifying your own loan:
Please let me know if you have any other questions, or require clarification. Otherwise, please hit "ACCEPT", so I may receive credit for my efforts.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).