“This strategy was made much more feasible by recent changes in the mortgage modification program directives that prohibit mortgage companies from discriminating against homeowners who are in bankruptcy cases,” explains Mr. Yando in one of his many free valuable legal analyses (http://www.yandolaw.com).
“It is sometimes possible to obtain a loan modification before filing a bankruptcy case and then file the bankruptcy, under chapter 7 or chapter 13, to deal with other debts,” writes Mr. Yando.
Mr. Yando explains more details in his finance tips for the average consumer, homeowner or business owner.
“Homeowners can also submit a loan modification request after a chapter 13 bankruptcy case has been filed, and incorporate the proposed modification into a chapter 13 plan to be approved by the court once the mortgage company agrees to modification,”
“A substantial portion of first mortgages are eligible for HAMP relief either as Fannie Mae or Freddie Mac related mortgages (GSE Loans) or as the mortgage servicer has agreed to participate in HAMP (non-GSE Loans),” advises Mr. Yando.
“The filing of the chapter 13 petition stops any pending foreclosure sale,” adds Mr. Yando.
For more details in Mr. Yando’s analysis: http://www.yandolaw.com/
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Tacoma bankruptcy attorney David Yando helps businesses and people with debt relief and bankruptcy services. He has more than 30 years of hands on experience in planning and litigating debt relief matters. This includes bankruptcy, real estate and taxation.