House our daughter lives. Currently in school full time one roommate
We stopped paying. Owe $500k worth $300k
That's up to the lender ... there's no law preventing it. But why not wait a few months 'til your Ch7 is done?
Can you? Absolutely. Should you? Probably not. Best to wait until you receive your discharge, ie approx 60-80 days after 341 hearing. Banks will be more willing to work with you after the discharge.
But do you really want to? Home is extremely upside down. If you cannot get current on payments, you should consider a short sale. Don't become too emotionally attached to the home. It may be best to rent a few years and then look to buy.
It is possible but probably better to wait until after you get a discharge as suggested by my fellow lawyers.
Many chapter 7 debtors start the modification process in bankruptcy and receive the modification after discharge.
You wrote, "Can I do a loan modification while in Ch 7?
House our daughter lives... We stopped paying. Owe $500k worth $300k."
A: I deem your proposal foolish, irrespective of the legal possibilities.
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