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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2875
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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Going to file bankrupcy, but waiting on my mortgage modification

Customer Question

Going to file bankrupcy, but waiting on my mortgage modification to be completed. Just got served with civil Action summons from one of my debtors. What do i do? i need more time to complete my modification
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 7 years ago.
HiCustomer
Well, first off, you need to resolve the suit against you. A lawsuit may cause issues with your lender in getting the modification approved. The creditor can garnish your wages, freeze you bank account, and possibly put a lien on your home title.

The bankruptcy will stop the suit, and if you file soon enough, you can stop all of the above from happening. Depending on how much time you need, you can file an answer and set the suit for trial if you want to delay to get the mod. finished.

You should talk to the lender, since the suit is public record and may disqualify the loan mod. Clients are doing loan mod's after bankruptcy too, so be open with the lender's agent and they will help advise you when best to file, etc.