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We filed ch 7 discharging 3 mortgages totaling $260k. We're still staying in the home and still making payments on the first ONLY and have never missed a payment and never late. Since we're paying the bank cannot or probably will not foreclose. However because of the ch 7 discharge our payments are NOT being reported to the credit bureaus so rebuilding our credit scores is tough... we do have a couple unsecured cc and a couple small balance department store cards.
We want to do a loan modification, if possible just on the 1st and 2nd (combined 225k). Balance on 3rd is about 40k. House FMV is probably 220k.
Would bank (WF) even consider doing a loan mod for us? Again we're still paying on 1st only.. and never late. And would they modify for less than the total debt owed? I've also read somewhere that banks usually will NOT do loan mods unless homeowner is a few months behind on payments. Is this true?
If loan mod is agreed, does the bank report our payments to the bureaus? We'd like to reestablish and get credit for our mortgage payments.