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Roger
Roger, Attorney
Category: Bankruptcy Law
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Is it beter to include the back payment of your home loan in

Customer Question

Is it beter to include the back payment of your home loan in your bankruptcy if you are going through a home loan remodification at the same time. I want to keep my home
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Roger replied 5 years ago.
You will have to include the debt in your paperwork. However, you can still reaffirm the debt through the refinance.
Customer: replied 5 years ago.

What do you mean by reaffirm through refinance.

Is that the same as remodification?

If we include the back payments in the BK can we take it out if they decied to put the back payments on the end of the loan?

Expert:  Roger replied 5 years ago.
The debt on the home will have to be included in the bankruptcy, however, you can reaffirm the debt by refinancing with a new lender. Or, if you decide it will be too costly to reaffirm, you can choose not to.
Customer: replied 5 years ago.

I am in the middle of a remodification right now is it wise to include it( backpayments) in the bankruptcy or just wait for the remod to be complete and hope they will put the backpayments on the end or extend the loan it self.

If they put it (back payments) on the end i will not have to pay for it in the banckruptcy right?

Expert:  Roger replied 5 years ago.

Yes, the back payments should be included in the remodification. If they're not picked up, you can attempt to discharge the back payment in your bankruptcy.

 

If the backpayments are added, you won't owe for the in the bankruptcy.

 

Customer: replied 5 years ago.

I am in bankruptcy along with remodification process now with deadline near. My question is should we include the back payments of the house in the bankryptcy now or not.

Will countrywide stll work with us if it is not included

As it stand now our payment would be $860 w/o back payments included

$ 1250 with back payment included plus home payment also.

Is it wishful thinking that they may put the back payments on the end of the loan

Our attorney says we have to put the back payment is the BK if we want to keep the home is this the whole truth

Still unsure as to what to do???? What type of attorney should we hire to work the modification.

Expert:  Roger replied 5 years ago.

If you can afford it, you should try to add the back payments to the loan. However, if your attorney suggests otherwise, having complete knowledge of your situation, my suggestion is to listen to him/her.

 

You really don't need an attorney for the remodification - the bank has total rights to set the terms - and you basically have to take it or leave it.

Customer: replied 5 years ago.

If they put the back payments on the end of the loan in the remod can we take it out of the BK later?

How does that work if we are approved for the remod later

Expert:  Roger replied 5 years ago.

I suppose I should have asked which Chapter you're in.

 

If you're in a Chapter 7, then you cannot discharge back payments if you intend to keep the home. Thus, it would have been better for to put the payments at the end of the loan, then file Chapter 7 and reaffirm the whole agreement (though often banks cancel loan modification agreements once a bankruptcy is filed and demand the loan to be brought current).


If you are in a Chapter 13, then it doesn't matter. If you put the payments on the end of the loan, then the 13 will work. If not, the back payments will be cured through the 13 Plan so it will work either way in all likelihood. Even if the bank cancels the modification once the 13 is filed, the arrears would just be put in the Plan so they wouldn't have to come up with all the arrears all at once like you might have to in Chapter 7.

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