Bankruptcy 13 ? or Loan mod?
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I Had a very bad year last year. My customer went out of business owing my small cont. company 100K. Needless to say I had to close my company and lose over 1 year income. I could not pay my mortgage for 4 MO now they served me forclose papers. I have a sub prime mortgage and they call offing me a deal cald a mortgage Mod. I dont owe any outher bills But the mortgage on my Home. They seem to be playing Games. Should I just go for a 13?
Bankruptcy 13 ? or Loan mod?Chapter 13 isn't going to do you much good if your only outstanding debt is the house. The debt of a house doesn't get discharged. You still have to pay it if you want to keep the house.
Boy. If bankruptcy worked for getting rid of mortgages, damn near everyone I know would be filing.
What are the terms of the loan modification? You didn't give that info so it's a bit hard to figure out if they're playing games or not.
Bankruptcy 13 ? or Loan mod?Your last options should be a bankruptcy of any kind.
You lender is trying to work with you, check out what type of modification they are speaking of. It might be beneficial to you and save your home without spending additional money.
They are not playing games with you, they are attempting to allow you to keep your home. Work with them and at least see what they are offering.
It might be something you can live with.
You might also see if they can give you a forbearance agreement,if the modification does not work out for you.
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