With all due respect, I need to correct this statement.
When loan mods first came out, I too considered it possible that such would be an end run around the discharge of the debt in that the lender would argue that there is new consideration and thus a new debt. But, as time passed it became evident that a loan mod IS NOT a new debt. Where there has not been a reaffirmation agreement approved by the Court, it is simply a modification of the lien rights of the lender. Nor is it a backdoor into a reaffirmation of the discharged debt.
If the homeowner refinances (hearing a lot about this in the news this week), thus creating a new obligation dated post petition, then all bets are off. But modifying a pre-existing loan without the formal requirements of 11 USC 524(c) will not create personal liability on the loan. However, as you pointed out, if the creditor is not paid it will take back its property.
Des.

