Foreclosure in Tampa>Question Details

Cristina, Home Buyer in Tampa, FL

filling ch.13 can I obtain a loan modification for the new value of my house, droped 80 thous. dollars

Asked by Cristina, Tampa, FL Mon Jan 12, 2009

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Lending answer:

Your options will be fewer (for example, borrowers may not be in bankruptcy to qualify for Fannie Mae's Streamline Modification Program), but you may have more leverage.

Mark is correct... in Florida, you will receive an Automatic Stay of Foreclosure (in the home is your primary residence) within few days of filing BK13 until the US Bankruptcy Court has a chance to hear your case. However, you will have to provide a repayment plan for Court approval and provide proof of your ability to repay Your attorney will handle this for you.

I suggest your attorney looks into FHA Hope For Homeowners. As of the end of December there have been very few takers of the program (and none closed according to HUD), but if you qualify, the lender gets a 100% FHA guarantee on your loan balance f the lender reduced the balance to 90% of current appraised value.
1 vote Thank Flag Link Mon Jan 12, 2009
As I just said in my previous post:

if you have attorney representation, you obviously stand a better chance to get the best of what's a available to you. Since your mortgage is probably your biggest expense you don't want to sell yourself short. It's not easy to prove to your lender that you cannot afford your current mortgage, but will be able to afford a modified one.
1 vote Thank Flag Link Mon Jan 12, 2009
Cristina contact your bank directly, you do not have to pay anyone for a loan modification, you can do it your self, there is no tricks or anything special anyone can do that you can not do on your own, call, ask for the home retention departments and they will give you the form and the list you need. good luck with working things out
Web Reference:
1 vote Thank Flag Link Mon Jan 12, 2009
Hi Cristina,

I work with an attorney based Loan Modification company, with a money back guarantee. I believe that we could help your current situation. Our website is You may contact me anytime at and I would be happy to discuss your options. Look forward to speaking with you soon.
1 vote Thank Flag Link Mon Jan 12, 2009
If you do a Chapter 13 - you may not be able to modify your loan or it will be extremely difficult. Bankruptcies freeze assets and presents you from selling or doing anything with any asset. Discuss your options with an attorney before you proceed about how this may affect chances of a modification.
1 vote Thank Flag Link Mon Jan 12, 2009
Is it your primary residence?? If so it is my understanding that it is excluded from any bankruptcy proceedings. No matter what you do it is all subject to whether or not your lender will do the loan modification for you. You'll need to meet all their requirements and show hardship. If you have any additional assets it may hinder your ability...

1 vote Thank Flag Link Mon Jan 12, 2009
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