So you say you want a home loan modification? You have been a loyal customer to your mortgage lender for years, making all your scheduled mortgage payments on time. Like many California homeowners you have fallen on hard times and your home is now worth less than what you owe. All you want is a HAMP loan modification or a HAFA approved short sale because you simply can't afford your mortgage payments any longer, and you want help like everyone else. Unfortunately, not everyone will get approved, and most have to go through the loan mod run around first with their lender.
As a California bankruptcy I see it all the time. Homeowners falling behind on their mortgage, doing everything their lender has asked, only to find themselves in foreclosure and their home about to be sold out from under them. Now there's an opportunity to assist home owners facing foreclosure with the new REST Report to see if they are a good HAMP candidate, in addition to the Treasury Department's Supplemental Directive 10-02 to help consumers in bankruptcy. Among other things, the directive requires servicers to consider borrowers in bankruptcy for modification upon request of the borrower, the debtors bankruptcy attorney or the bankruptcy trustee.
Complete information is available here: Supplemental Directive 10-02 - Home Affordable Modification Program - Borrower Outreach and Communication.
The REST Report
I have also written several articles about the Rest Report and how it can provide valuable information when trying to obtain a loan modification or considering hiring a bankruptcy attorney in California. I have included the article links below:
- REST and Mortgage Loan Disposition Analysis
- The REST Report: The Way Loan Modifications are Done
- Who Wants a Loan Modification?
- HAMP Loan Modification Qualifications
If you are trying to save your home from foreclosure or considering bankruptcy, the California Bankruptcy attorneys at the Law Offices of Zhou & Chini are up to date on the Treasury Departments Supplemental Directives. Bankruptcy attorneys need to use any tool they can find to try and save their clients homes. Filing bankruptcy to eliminate unsecured debt or 2nd liens can free up cash flow to better afford your mortgage.
Using Bankruptcy To Get Mortgage Modifications
Most bankruptcy attorneys simply file bankruptcy Chapter 13 or Chapter 7 based on their clients current situation. With the ability to negotiate a loan modification while in bankruptcy, a bankruptcy attorney can now use a REST Report to obtain NPV calculations not available until now. Knowing what the mortgage servicer knows prior to filing bankruptcy is valuable information when planning a strategy.
We have 12 offices throughout California and focus on helping homeowners avoid foreclosure. With the current state of the housing and job market bankruptcy attorneys are in high demand, and finding the right one may be difficult. The bankruptcy attorneys at the Law Offices of Zhou & Chini personally speak to every client to make certain they understand all their options. For a FREE consultation with a California bankruptcy attorney call us today at (800) 972-9600.
