.jpg)
motion to approve a loan modification in Santa Barbara
Dear Steve:
I'm coming up on the same issue. What I have seen is that you can file a
motion for authorization for debtor to enter into a loan modification
agreement, but Judge Riblet won't approve terms. If you check out her
calendar you will find some on her motions calendar. David Commons is one
of the attorneys up there that Judge Riblet mentions often, as well as Janet
Lawson who do it right.
. But note I have been warned by others that she will ask now that Debtor
has a $1,000 reduction in Mortgage she may be looking for an increase in the
Plan Payment now that Debtor has that savings. So I'm hoping I can file
amended schedule I & J to go with the motion which shows a corresponding
decrease in rents from two children that were living with my debtor once the
kid moves out and that even though they got the modification, they also lost
income.
On Mon, Apr 25, 2011 at 12:08 PM, stephen burton wrote:
>
>
> I have just received an overnight mail from Bank (lets call them Lazy
> Bank). Bank is not represented by counsel.
>
> Lazy Bank has approved my confirmed chapter 13 client for a loan
> modification. The proposal lowers my clients payment by about a grand a
> month and takes slightly over 100k off of the principle. It is a really
> good proposal.
>
> I also stripped a second lien by the same Bank in this case. The client is
> regulary employed. It does not get much better than this.
>
> Ordinarily, I would just do stipulation and get an order approving it. But
> Lazy Bank is not represented by counsel.
>
> So, I guess its a motion to approve the modification, or something similar
> to that. But reading the prior threds on the subject, I do not see how
> anyone has handled the issue before in Santa Barbara.
>
> Steve Burton
>
>
>
>
R. Grace Rodriguez, Esq.
OFF: (818) 734-7223
CEL: (818) 554-9922
Dear Steve: I'm coming up on the same issue. What I have seen is that you can file a motion for authorization for debtor to enter into a loan modification agreement, but Judge Riblet won't approve terms.r. David Commons is one of the attorneys up there that Judge Riblet mentions often, as well as Janet Lawson who do it right.
. But note I have been warned by others that she will ask now that Debtor has a $1,000 reduction in Mortgage she may be looking for an increase in the Plan Payment now that Debtor has that savings. So I'm hoping I can file amended schedule I & J to go with the motion which shows a corresponding decrease in rents from two children that were living with my debtor once the kid moves out and that even though they got the modification, they also lost income.
On Mon, Apr 25, 2011 at 12:08 PM, stephen burton <stephenburtonlaw@yahoo.com> wrote:
The post was migrated from Yahoo.
I have just received an overnight mail from Bank (lets call them Lazy Bank).
Bank is not represented by counsel.
Lazy Bank has approved my confirmed chapter 13 client for a loan modification.
The proposal lowers my clients payment by about a grand a month and takes
slightly over 100k off of the principle. It is a really good proposal.
I also stripped a second lien by the same Bank in this case. The client is
regulary employed. It does not get much better than this.
Ordinarily, I would just do stipulation and get an order approving it. But Lazy
Bank is not represented by counsel.
So, I guess its a motion to approve the modification, or something similar to
that. But reading the prior threds on the subject, I do not see how anyone has
handled the issue before in Santa Barbara.
Steve Burton
I have just received an overnight mail from Bank (lets call them Lazy Bank). Bank is not represented by counsel.
Lazy Bank has approved my confirmed chapter 13 client for a loan modification. The proposal lowers my clients payment by about a grand a month and takes slightly over 100k off of the principle. It is a really good proposal.
I also stripped a second lien by the same Bank in this case. The client is regulary employed. It does not get much better than this.
Ordinarily, I would just do stipulation and get an order approving it. But Lazy Bank is not represented by counsel.
So, I guess its a motion to approve the modification, or something similar to that. But reading the prior threds on the subject, I do not see how anyone has handled the issue before in Santa Barbara.
Steve Burton
The post was migrated from Yahoo.