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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2540
Experience:  Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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My bankruptcy was discharged and I let my first and second

Customer Question

My bankruptcy was discharged and I let my first and second mortgage on my house be included. I have made my payments and realize that as long as I do, I will be able to stay in my home. However it is getting more difficult for me to maintain them. Here is what I need to know.

1. If I decided to send them less each month then the actual payment what would be the outcome of that?

2. Can I get a loan modification since I have a discharged bankruptcy and if so is there a way to combine my first and second mortgage in the modification?

3. Is there a way to get my lender to lower the interest rate so that my payments would be reduced without and actual modification?

Thanks, XXXXX XXX@XXXXXX.XXX
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 2 years ago.

Terry L. :

Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.

Terry L. :

it is still your home, so as long as you can work something out with the mortgage company (ie lower payments) you can stay in the home. If you do not pay your contractual payment, they can move to foreclose.

Terry L. :

You can try to negotiate a loan modification, even after bankruptcy, since you are still the owner of the home.

Terry L. :

To combine the loans, that would be a refinance, and one lender would agree to pay off the other lender in full, or a new lender paying off both, and start you on a new loan. It's possible, but you'll usually need some equity for the lenders to even consider this. Once refinanced, you are then responsible for timely payments since the debt has been renewed after bankruptcy.

Terry L. :

You can discuss lowering the interest during the loan modification. Market terms control interest rates for refinancing.

Terry L. :

Let me know if you have any other questions. Thanks.

Customer :

I'm sorry, but most of this I already knew and I guess I was looking for more details. Being that the first thing you did was suggest that I should hire an attorney, I feel as if I would wasting my money by paying for this answer. It is not that you gave a bad answer, it just was not as comprehensive as I was expecting. Now I am not sure what to rate you. Again, I am sorry.

Terry L. :

Please reconsider your rating. your issue is with the site, not the answer. I asked if you have any other questions. We are prohibited from creating an attorney client relationship, the disclaimers coming in should have told you as much. The rating is based on the answer, not your opinion of the site. Let me know if you have any other followups. thanks

Terry L. :

Any followup questions?

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