bankruptcy loan modification
can you apply for a loan modification after bankruptcy?
I in the process of filing for chapter 7 BK. I’ve been awaiting for the bank to tell if I can get a loan Mod and about 4 months now. Now I have a sales date. Know I’m wondering if I just go ahead a file now then after the BK is done will I be able to apply again for a loan Mod on my mortgage.
If your loan was Discharged in bankruptcy you are no longer legally responsible for the debt. So there is no reason for a “loan modification” if this is an unsecured debt.
Now, if this is a secured debt(such as a car), and you want to keep item you need to continue to pay on the loan. Unless you Reaffirm the debt your payment history will not be reported on your credit report.
The “loan modification” you can do is a refinance where you take out a new loan and they pay off your existing one. If you Reaffirm or Refinance the loan you are no longer under the BK protections, so if you fail to pay they can take up collection activities against you.
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