Legal Question in Bankruptcy in California
I am on a loan modification agreement with my lender for almost 5 mnths, and since then I am always on time in my monthly mortgage payment under said modification. I have a second loan with the same lender but is not on a loan modification, and I am already late in my payments for more than 6 months with that 2nd. I am contemplating filing for Chapter 7 or 13; would it affect my modification agreement with my lender? Will they cancel our modification if I filed the same?
Asked on 9/22/10, 11:58 pm
1 Answer from Attorneys
Michael Stone
Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE
A properly done Chapter 13 will modify your 2nd or even wipe it out entirely. And your 1st won't be affected.
Answered on 9/28/10, 1:33 am
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