Submitted by Anonymous on Sat, 04/03/2010 - 08:01
Posted in
We recently asked our lender to talk to us about a loan modification after we missed a couple of payments. My wife and I think we can keep this together and make the payments without filing bankruptcy if we can talk the lender into a slightly smaller monthly payment. Anyway, yesterday we got a notice in the mail that looks like it comes from the land court in Massachusetts and says something like "to all people entitled to benefit of the Servicemembers Civil Relief Act." The rest of it is sort of confusing. Does this mean our lender is going to foreclose on our house and that we should file bankruptcy?
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Editor's Response
The only thing it tells me for sure is that your lender, regardless of whether it intends to discuss modification with you or not, is moving to protect itself under the terms of the mortgage and taking certain steps (like, in this case, complying with the Sevicemembers Civil Relief Act) that usually precede a foreclosure action. It also tells me that you should be talking to a Massachusetts consumer or bankruptcy attorney ASAP. I have no idea whether your lender intends to entertain your modification request, but I think you have to assume the worst at this point. As for your question about bankruptcy, again, that is an issue for you and your attorney to resolve after discussing your situation and options. Follow this link for more information about foreclosure and bankruptcy.