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About Mark J. Markus- California Bankruptcy Attorney
Expertise
Mark J. Markus is a Los Angeles attorney who has practiced exclusively bankruptcy law in California since 1991 and is rated A+ by the Better Business Bureau. He represents debtors, creditors, and Trustees in Chapter 7, Chapter 11, and Chapter 13 of the bankruptcy code throughout California.
Experience
Visit http://www.bklaw.com for more information on bankruptcy in general and Mark J. Markus in particular. Many questions are answered on the web page (hint, hint).
The Markus webpage also contains more information on business bankruptcy,
chapter 7 bankruptcy,
chapter 11 bankruptcy,
chapter 13 bankruptcy,
Frequently Asked Bankruptcy Questions
Also visit our new bankruptcy blog for interesting articles and much more.
Education/Credentials
J.D., University of Arizona 1990. B.A. Economics, California State University, Northridge 1986. For more details please click here
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You are here: Experts > Business > Corporate Law > Bankruptcy Law > ch7 & loan mod
Expert: Mark J. Markus- California Bankruptcy Attorney - 10/26/2009
Question
I'm working on setting up a loan mod with Chase - the 2nd trial payment will be this week and the 3rd next month, at which point the loan mod should be finalized. What is the impact if I file a Ch7 BK before the loan mod is finalized? Will it stop the loan mod process? I intend to keep the house and make modified payments, but have been advised not to reaffirm. Would this kill the loan mod?
This was a WaMu Mortgage Plus with a fixed rate mortgage and a small home equity line of credit. The whole thing showed up on credit reports as a revolving line of credit. Now with Chase, the whole thing shows up as a home equity. As a home equity owned by Chase, it is not covered by the federal Home affordable plans, so I believe the mod is based on Chase policy.
Answer
There's nothing in the bankruptcy law that would kill the loan mod, but as a practical matter, if you file the Chapter 7 case before it is finalized, it will most likely stop the modification and require you to start over with the process. Again, this isn't a law, but something the lender would decide.
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