Q: Will Ch 13 Bankruptcy force the bank to do loan mod with homeowner?
If the homeowner was denied loan modification before, will filing ch 13 bankruptcy help the homeowner to have a better chance of getting loan modification?
No, it won't force a permanent loan modification, but it can be helpful in dealing with your home mortgage in other ways.
A Chapter 13 plan is especially useful if you have fallen behind on your mortgage and you want a payment plan to catch up. It may also give added leverage in negotiating a loan modification through one of the Federal programs. Lastly, you can 'strip off' a completely unsecured second mortgage, by bringing a lien stripping motion in a Chapter 13 case.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.