Is it possible to modify a home loan during a Chapter 13 bankruptcy?

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Question:

Is it possible to modify a home loan during a Chapter 13 bankruptcy?

Answer:

There is no bankruptcy process or rule which allows you to modify your home loan through your bankruptcy case. However, you are free to negotiate with your lender for a home loan modification. If your lender agrees, you may have to get the bankruptcy court (in a Chapter 13 bankruptcy) to approve the modification.

If you have a second mortgage or a home equity loan or line of credit (HELOC) that is not secured by the equity in your home, however, you may be able to reclassify this debt as unsecured in a Chapter 13 bankruptcy. To learn more, see How to Strip a Second Mortgage or HELOC in Chapter 13.

Updated by: , J.D.

This site does not provide legal advice and users of this site should not interpret any of the information presented here as legal advice. The information provided merely conveys general information related to commonly asked legal questions. We are not a law firm and the employees responding to questions are not acting as your legal attorney. You should ultimately consult with a lawyer for your case.

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