New Federal Loan Modification Rules To Now Work With Chapter 13 Bankruptcy Laws

The government instituted a program to set guideline for mortgage companies to restructure loans, called Home Affordable Modification Program or HAMP. In June 2010, the HAMP guidelines changed. The new rules made it more favorable for a person filing for debt relief through a Chapter 13 or Chapter 7 bankruptcy to achieve a HAMP loan modification.

Should I Modify My Home Loan Before or After Filing for Bankruptcy? Posted on Oct 19, 2011 12:45am PDT When filing for Chapter 7 bankruptcy , one of the common questions I run across with clients is whether they should complete a loan modification prior to filing for bankruptcy or after.

You can lower your Chapter 13 bankruptcy payment, if you’re not hung up by one of these obstacles.. 4 limits on modifying bankruptcy. justin harelik. called "a motion to modify plan.

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You can apply for a mortgage modification while in Chapter 13 bankruptcy. Unlike a Chapter 7 bankruptcy that liquidates all assets to relieve debts, the Chapter 13 bankruptcy develops a court.

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In some instances, you can modify a mortgage in Chapter 13 bankruptcy so that the new principal equals the actual value of your home. For example, if your mortgage is $500,000 but the property value has declined to $300,000, you could modify the mortgage amount to $300,000.

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Chapter 13 bankruptcy explained A Chapter 13 bankruptcy can protect your investment by helping you bring a past due mortgage current. Additionally, it can stop a foreclosure and provide you with the time you need to work out a modification with your lender. understanding chapter 13 bankruptcy. chapter 13 bankruptcy works by

How to Save Your Home from Foreclosure: Loan Modification vs. Chapter 13 Bankruptcy Posted on August 8, 2016 at 12:00pm by The Sader Law Firm If you have fallen behind on your mortgage and are facing the prospect of foreclosure, this blog can help you decide on strategies to save your home.

The new rules deal with a myriad of variations on these timelines. The theme in the rules is consistent: federal law requires a decision on a loan modification application before the foreclosure train chugs down that track. If the servicer breaks the rules. The new rules have teeth.

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