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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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By husband I myself moved to NM. 3 years ago and started a

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By husband I myself moved to NM. 3 years ago and started a small business with several loans in hand, as the business failed we could not keep up on paying the payments and had to file chapter 7. We have been dismissed from this bankruptcy as of 3 weeks ago and are trying to get back on our feet which has been very slow. We took a home equity loan as one of the loans for the failed business and our lawyer said that he could not help us with this because of being a home equity loan and to keep paying it, the problem is we can know longer pay our mortgage payment and this home equity loan, I tried to call Bank of America, who we have the loan from and talk with the department that handles this problem, but they were quit rude and no help at all. We are not trying to get out of paying this we just need the loan payments to be lowered or can we have them put a lien on our home, we just do not know what to do at this time and we do not what to lose our home from defalting on this home loan.
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 8 years ago.

A lender will not modify a fully performing loan. As long as you are up to date with your payments, the lender will not negotiate with you.

A lender will typically be agreeable to modify a mortgage if the lender believes that doing so will mitigate the lender's losses. Therefore, consider stopping your mortgage payments for 60 days and then renegotiating modification with the lender.

Good luck.
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