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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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My husband and i filed bankruptcy in 2006. It was discharged

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My husband and i filed bankruptcy in 2006. It was discharged in August 2008. We discovered our mortgage company never did an reaffirmation agreement. Because of economy changes we are trying to modify and reduce or monthly mortgage. We have received a letter from a seperate law firm and do not really understand what is going on. What can I expect in this situation.
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 6 years ago.

Thank you for your question.

The fact that you did not reaffirm your mortgage will work to your benefit. This means that you have no personal liability on your loan. It should make it easier for you to modify your mortgage.

The first thing to be aware of is that a lender is not going to modify a fully performing loan. You will typically need to be 60-90 days behind before they will discuss modification. They will only modify to mitigate their risk . As long as you are paying, they have no incentive to modify.
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