Why not allow mortgage modifications in Chapter 7? : Bankruptcy …
Here is a new post at Why not allow mortgage modifications in Chapter 7? : Bankruptcy ….
The end result would mean greater numbers of successful mortgage modifications. At the end of the day, what is Chapter 13? It is bankruptcy relief created for debtors who politicians believe are not deserving of Chapter 7. …
Here is a response on similar topic:-
who are the top real estate attorney specializing in mortgage loan modifications?An attorney isn’t going to help you with that. There is no law, anywhere, that says a mortgage company has to modify your loan.
Read that again: No law…nowhere.
That is why an attorney cannot help you…there is no special paperwork, no law, no special legal argument, nothing an attorney can make.
Even Project Hope is VOLUNTARY for banks to participate in.
All you can do is call the bank and ask…but since 2009 isn’t even here yet, I can already tell you that the answer you will get is no.
The reason, is that falls under the catagory of “life” and people’s income fluctuates over the 30 years of the typical mortgage loan. If banks modified a loan every time someone’s income changed, that is all they would be doing and they would lose money in the refinance sector.
Refinancing is going to be your best option or selling to a home you can afford. If you know your income is going to go down, don’t put your home or credit at risk if you know you cannot make the payment.
FYI, here is a list of recently published Posts on same topic:-
Bankruptcy Judges May Soon Negotiate Mortgage Terms
Mortgage Loan Modifications
Are Loan Modifications Really Taking Place?
Singapore Announces Debt Repayment Plans - What About the US?
Government’s Promise: Taking Away Property?
I though that might be of interest 
