Do lending institutions extend period of the existing mortgage ?
I have a mortgage on my apartment and always paid it on time. Now I am going to apply for bankruptcy. My creditors are other than my mortgage lender. I wonder whether my mortgage lender would extend a period of my mortgage on the same conditions taking into account my good record by paying on time my mortgage for quite an extended period of time.
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Also ask them if you can pay interest only for 6 months until you catch up.
If your lender wont negotiate theres is a website put forward by the feds called
hopenow.com
they work with your lender to restructure your motgage
Go to the cnn website and search it in their search box.
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Are you asking if they will allow you to skip payments? They MIGHT negotiate with you to let you miss one payment and add it to the end of the loan.
What type of bankruptcy are you filing? If you file a chapter 13, then you can actually miss several payments and include the amount of the missed payments in your repayment plan with the Trustee.
If you're filing a chapter 7 there is no repayment plan. The mortgage company will probably not feel too good about you missing payments if you're filing chapter 7.
What did your attorney advise? That would be your best resource for the answer.
This would be a modification of your loan. You or your lawyer could call or write and inquire about it.
if you file for bankruptcy your house will be taken as an assett to pay your creditors