http://laniganpl.com/practice-areas-b... (Winter Park, Florida) bankruptcy lawyer Eric Lanigan talks about the options you have after you finished a bankruptcy and now you want to seek a modification of your home mortgage.

You are not creating a legal obligation to pay the bank back if you enter into a modification agreement. For instance, in a HAMP manual that deals with the Home Affordable Mortgage Plan, one of the government plans, the government specifically says that you are not reaffirming the debt or reinstituting the liability.

From our own experience here we’re constantly involved in modifying loans that have been discharged in bankruptcy in fact we often find it much easier to modify those loans because the bank is over the idea that they have this big legal obligation hanging over their head.

They recognize the fact that if it’s been discharged in bankruptcy they don’t have that so the conversation really now is about what the property is worth, not what you owe because you don’t owe anything. So there is no law on that point.

Keep in mind, you can get a modification where people are getting them all the time it does not in and of itself create a new legal obligation or reinstitution of the obligation that was discharged, but make sure you’re actually doing a loan modification and not a refinancing and the best way to do that is have a lawyer knowledgeable in the subject review the agreement before you sign it.

Consult with mortgage workout specialist Rich Marquez, a non-attorney who works for the Lanigans. Call 407-740-7379 to meet in the offices located at 831 W. Morse Blvd., (Winter Park, Florida)

If you liked this video you may find this video on the Lanigans YouTube video helpful: "Auto Equity Greater Than Exemption - Florida Bankruptcy" https://www.youtube.com/edit?o=U&vide...