Loan Modifications and Bankruptcy

If you have a house that is underwater, and has trouble making your monthly payments, or know that you are having trouble making your monthly payments in the future, it is likely that you have or will be seeking an amendment loan. For those of you who are very behind on their monthly payments you may have tried to hire a loan modification company that is committed to helping you get a loan modification. Make sure you are hiring a loan modification company in good standing.

Too often, if you're trying to get a loan modification or someone hired to help, the only outcome we see is that your home is approaching the exclusion of what a loan modification. One of the biggest trends we see today is now a homeowner filing for bankruptcy the day before the date of foreclosure to try to stop the foreclosure sale. Most times, they are filing your bankruptcy case without an attorney, so you are not aware of what must be done to properly present a bankruptcy case. There are a lot of issues involved in such a scenario, and the search for a bankruptcy attorney who can guide you in these turbulent waters may be what you need.

Number 1 - Credit Counseling Course

As discussed in "What are the courses required to file for bankruptcy the" certificate of credit counseling is required. You must complete the class and obtain certification before filing for bankruptcy, or in his case be dismissed. Most people who file for bankruptcy by themselves do not know, and therefore do not know your case is doomed from the start. If your case is dismissed, the mortgage lender can proceed with the foreclosure process.

No. 2 - Dismissal of the case due to lack of documentation

If you file a bankruptcy petition to stop the foreclosure you probably do not have the opportunity to present all the schedules and forms required in your bankruptcy case, such as test schedules A through J, Statement of Affairs Financial or media. The bankruptcy court normally issues an order in your case, to submit all the missing documents within 14 days from the date of the order or, where appropriate, be dismissed. You can file a motion with the Bankruptcy Court to ask the Court to extend the deadline for completing the bankruptcy petition. If the Court grants the motion, you have more time, usually 30 days.

Issue # 3 - short-term effect in foreclosure

Even if you file the certificate of credit counseling, and submit all the paperwork, the bankruptcy acts only as a temporary stay in the foreclosure process. If you filed Chapter 7, your mortgage lenders can file a motion to lift the automatic stay and proceed with foreclosure proceedings. If you filed a Chapter 13 case, and make monthly mortgage payments to your mortgage company, mortgage lender may ask for relief from the automatic stay and continue to foreclose on your home. If the Chapter 13 plan submitted does not cover your mortgage payments are missed, your mortgage lender may file an objection to confirmation of their case. If the protest is not resolved, the Chapter 13 case will not be confirmed, and his case will most likely be dismissed. The bottom line is this: unless you can provide some way to pay all arrears in the plan, or reach a payment plan that meets the lender, your case is doomed to failure.

After overcoming these obstacles, and its bankruptcy case was still in good condition, now has breathing space to try to get a permanent loan modification, while you are in a Chapter 13 plan. It may be easier, since most of your debt will be treated in the Chapter 13 plan, but there is no guarantee that you will receive a loan modification. Be sure to keep copies and records of all communications and documents sent to lenders to show that you have always done the information to them if requested documentation lost or not received.










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