Can I Get A Loan Modification After Bankruptcy?

While Chapter 13 bankruptcy is an option for some as it is more of a payment plan, many homeowners find that they cannot complete the bankruptcy repayment plan and end up back in foreclosure. While it is possible to participate in a loan modification after bankruptcy, your options will be limited. If you feel as though you can pull through, then by all means try to work out a loan modification before you file for bankruptcy. If you wait too long, you may find that your home goes into foreclosure and the only way to get it back is to pay everything you owe including late fees. You may wish to seek out the services of a qualified credit counselor before you decide to take bankruptcy as your only alternative.

Homeowners are not eligible for loan modification after bankruptcy. After filing for bankruptcy, homeowners are not eligible for a loan modification. File for bankruptcy and you will be denied a loan modification. Loan modification eligibility excludes bankruptcy. Homeowners that face unemployment and file for bankruptcy are not eligible for a loan modification; get employed and apply for inhouse loan modification with your mortgage lender.

Your should know that you are in a difficult situation, so make sure you know what you want and make sure what you want is attainable. Loan modification after bankruptcy can be a tricky subject and should be a matter not taken lightly. Talk to your spouse and other family members before making huge decisions that will affect everyone involved.  With patience you will pull through either way.

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