2 Responses to “What is the loan modification with your mortgage while in Chapter 13 bankruptcty?”

1. golferwhoworks says:

   February 26, 2009 at 3:12 am

   no not always. If the lender and the trustee believe that you cannot honor the payment plan then they will take the home out of the bankruptcy filing by a motion from the lenders attorney and foreclose on your home. The worst thing is that he lost his job so how can you even pay the trustee the required payments unless you were on a short schedule and modify it to the full 5 years
2. Ed Atun says:

   February 27, 2009 at 7:22 am

   The most common “modification” is for the bank to allow you to miss 6 payments with no penalty. That money is added on to the balance of the loan..