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Question by just live: If I file for bankruptcy after I have my home loan modified, side effects will the terms of my modified loan change?
I am working with my lender to get my home loan modified. I also will have to file for bankruptcy; that is after my hugely expensive divorce is final. I have heard that once I modify my home loan, I will lose the modification terms if I apply for chapter 7. Is that true?
Best answer:
Answer by psychopiet
As you will loose your house, you do not have to worry anymore about the home loan.
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http://www.msnbc.msn.com/id/29512402/
I don’t believe a Chapter 7 would affect your loan modification in anyway unless you included the mortgage in the bankruptcy, which I’m assuming you are not. The lender is not going to care that you filed for BK unless you are trying to get out of the house. As long as you keep making the payment monthly they can care less what is happening with you!