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Currently in Chapter 13, is there a requirement that I file a loan mod ONLY with my servce lender?

by speaki_144_237 from Whittier, California. Feb 18th 2013 Reply


Ed Craine (ecraine)
#355 ranked lender in California - 23 contributions

Not sure exactly what you are asking. Assuming you mean to ask if you have to file through the BK court. You should consult with your attorney. All contracts (and a mortgage is a contract) fall under the purview of the court. Any changes need court approval.

Feb 18th 2013
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Ray Lewis (RayLewis)
#0 ranked lender in Texas - 35 contributions

Unfortunately yes. In order to do a loan modification you do have to go through your current lender for that. You may have other options though. You may qualify for a streamline or HARP refinance with your current lender. Either way, you would need to contact them.

Feb 18th 2013
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Dave Metsker (DaveMetsker)
#36 ranked lender in Oregon - 2,318 contributions

Consult your attorney. A change in your mortgage debt, either in amount or required payment, can affect the terms of your bankruptcy plan.

Feb 18th 2013
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Samantha Taylor (samantha)
#368 ranked lender in California - 29 contributions

If you wish to get your loan modified, you will have to contact your existing lender. This is irrespective of the fact whether or not you have filed bankruptcy. The existing lender will decide whether or not to modify your mortgage.

Feb 18th 2013
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Michael Bardy (LendingPro)
#25 ranked lender in Ohio - 72 contributions

No but you would want to do some homework before you file with any 3rd party company. There are few segments of the industry that have been plagued by unethical and unscrupulous individuals more so than the modification segment.Get 3 references and proof that they have successfully completed modification before you pay a penny!

Feb 18th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,524 contributions

There are companies that will assist you in the process, but ultimately, a Loan Modifications is only available from your current lender.

Feb 19th 2013
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