I am too in debt with taxes, credit cards, loans and medical bills to pay. I have prepared to file chapter 7 since I don't own anything myself. My problem is that our house that is in foreclosure is set to be modified. My name is on the mortgage because the house originally was in my name but now the note is in my wife's name. Will filing mess up my modification even though I am not on the note?
Asked on 12/16/09, 1:42 pm
1 Answer from Attorneys
David Michael Benson
Benson Law Firm
Your lawyer should review your closing documents to determine if you are indeed on the mortgage note or merely have a property interest on the deed subject to the mortgage. If you are not a party to the note, your lawyer will likely advise you that filing bankruptcy would not impact your wife's application for a modification. However, the final decision on whether or not to modify the loan is up to the lender and may be made on any basis permitted by law.
Answered on 12/21/09, 2:08 pm
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