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Loan Modification in a Chapter 7?
Believe it or not I have a Chapter 7 case now where Aurora
postpetition issued a modification package, agreed to a temporary
trial period at a reduced payment. Probably a fluke because of course
it also recorded a Notice of Default in violation of the automatic
stay during the 30 day period there was a stay in effect and did not
serve notice of the NOD on the client. Client only learned about it
from a solicitation for a class action even though she had been
working with Aurora on the loan modication for three months since the
NOD was recorded.
I have otherwise never had much success or cooperation in working
with Aurora.
Mark T. Jessee
Law Offices of Mark T. Jessee
"A Debt Relief Agency"
50 W. Hillcrest Drive, Suite 200
Thousand Oaks, CA 91360
(805) 497-5868
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On Fri 26/02/10 2:01 PM , matt resnik matt@simonresniklaw.com sent:
I can pretty much limit it to those who absolutely don't:
Aurora, usbank/Downey, most one west serviced loans (although this
situation has improved), wachovia, home eq....
Clearly this is just one persons view. The rest of the majors are
usually willing to do some form of modification(but not always)....
On Feb 26, 2010, at 1:40 PM, "Shannon Doyle" wrote:
Holly,
Are you able to provide us with a list of lenders who will workout
loan mods with people in BK?
Shannon A. Doyle, Esq.
Borowitz & Clark, LLP
100 N. Barranca Ave., Ste. 250
West Covina, CA 91791-1600
(626) 332-8600 Phone
(626) 332-8644 Fax
sdoyle@blclaw.com
FROM: cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com] ON
BEHALF OF Williams
SENT: Thursday, February 25, 2010 7:48 PM
TO: cdcbaa@yahoogroups.com
SUBJECT: Re: [cdcbaa] Loan Modification in a Chapter 7?
Hi all,
I am new to this board and a relative newbie to the bankruptcy
world, but I do have over a year of experience in the loan
modification arena. At one point, I oversaw an organization
negotiating over 300 loan mods a month. ( Please don't hold it
against me.)
When Senate Bill 94 passed on 10/11/09, it became unlawful for even
attorneys to collect fees upfront for loan modifications. An
interpretation of the law, found on the home page of the State Bar
website, right column under Ethics, states that it is a violation of
Civil Code section 2944.7(a)(1) to collect the advance fee, place the
fee in a client trust account and not draw on it until the work has
been performed. So the loan mod company you discuss is likely
violating the code.
If your clients are current on their mortgage, getting a loan
modification is extremely difficult. Many lenders take the approach
that if it ain't broke, don't fix it. In other words, until the
client is late on the house payment, the lender will not even consider
modifying.
If your client insists on pursuing this, a loan modification
proposal can be sent into the lender during the bankruptcy. It often
takes 3 -4 months for a proposal to get to the desk of negotiator at
the lender, whether or not the client is in bankruptcy or not.
Some lenders will require that the mortgage debt be reaffirmed in
the bankruptcy before they will consider a loan modification request.
If you have further questions, feel free to contact me.
Holly N. Williams, JD/MBA
Law Office of Holly N. Williams
23151 Moulton Parkway
Laguna Hills, CA 92653
949-305-5938
Fax: 949-716-8630
----- Original Message -----
FROM: Christine Wilton
TO: cdcbaa@yahoogroups.com
SENT: Thursday, February 25, 2010 10:34 AM
SUBJECT: [cdcbaa] Loan Modification in a Chapter 7?
One of my clients; both spouses are on disability; are in the midst
of a chapter 7 and decided to contact a loan modification company
because they now want to modify their mortgage.
Luckily, they sent me the contract sent by this company and I say
where they take $4,500.00 up front and set it up on a trust account
[allegedly] and then work with my clients to modify the mortgage.
Well, I just got a call from this person from law office of X and
needless to say, he was very aggressive. I told him he was taking
advantage of my client and I would not approve it. He didn't like
that too much; made me wrong; told me how much he helped people; and
ended the call.
Question: If my clients really wanted to modify their home, can we
do this while the bk is pending? Mortgage is current and their intent
is to keep the house.
What is your experience with these modification people?
Thanks
--
Christine A. Wilton
Law Office of Christine A. Wilton
4067 Hardwick Street, #319
Lakewood, CA 90712
Toll Free: 877-207-6013
Cell: 562-824-7563
Fax: 562-804-4028
Email: attorneychristine@ [2]gmail.com [3]
Web: www.attorneychristi [4]ne.com [5]
Blog: www.losangelesbankruptcylawmonitor.com [6]
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[1] mailto:sdoyle@blclaw.com
[2] mailto:attorneychristine@gmail.com
[3] http://gmail.com
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[5] http://ne.com
[6] http://www.losangelesbankruptcylawmonitor.com
[7] mailto:matt@simonresniklaw.com?subjectRe: [cdcbaa] Loan
Modification in a Chapter 7?
[8] mailto:cdcbaa@yahoogroups.com?subjectRe: [cdcbaa] Loan
Modification in a Chapter 7?
[9]
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charset="US-ASCII"
Holly,
Are you able to provide us with a list of lenders who will workout loan
mods with people in BK?
Shannon A. Doyle, Esq.
Borowitz & Clark, LLP
100 N. Barranca Ave., Ste. 250
West Covina, CA 91791-1600
(626) 332-8600 Phone
(626) 332-8644 Fax
sdoyle@blclaw.com
________________________________
The post was migrated from Yahoo.
Hi all,
I am new to this board and a relative newbie to the bankruptcy world, but I do have over a year of experience in the loan modification arena. At one point, I oversaw an organization negotiating over 300 loan mods a month. ( Please don't hold it against me.)
When Senate Bill 94 passed on 10/11/09, it became unlawful for even attorneys to collect fees upfront for loan modifications. An interpretation of the law, found on the home page of the State Bar website, right column under Ethics, states that it is a violation of Civil Code section 2944.7(a)(1) to collect the advance fee, place the fee in a client trust account and not draw on it until the work has been performed. So the loan mod company you discuss is likely violating the code.
If your clients are current on their mortgage, getting a loan modification is extremely difficult. Many lenders take the approach that if it ain't broke, don't fix it. In other words, until the client is late on the house payment, the lender will not even consider modifying.
If your client insists on pursuing this, a loan modification proposal can be sent into the lender during the bankruptcy. It often takes 3 -4 months for a proposal to get to the desk of negotiator at the lender, whether or not the client is in bankruptcy or not.
Some lenders will require that the mortgage debt be reaffirmed in the bankruptcy before they will consider a loan modification request.
If you have further questions, feel free to contact me.
Holly N. Williams, JD/MBA
Law Office of Holly N. Williams
23151 Moulton Parkway
Laguna Hills, CA 92653
949-305-5938
Fax: 949-716-8630
----- Original Message -----
To: cdcbaa@yahoogroups.com
Sent: Thursday, February 25, 2010 10:34 AM
Subject: [cdcbaa] Loan Modification in a Chapter 7?
One of my clients; both spouses are on disability; are in the midst of a chapter 7 and decided to contact a loan modification company because they now want to modify their mortgage.
Luckily, they sent me the contract sent by this company and I say where they take $4,500.00 up front and set it up on a trust account [allegedly] and then work with my clients to modify the mortgage.
Well, I just got a call from this person from law office of X and needless to say, he was very aggressive. I told him he was taking advantage of my client and I would not approve it. He didn't like that too much; made me wrong; told me how much he helped people; and ended the call.
Question: If my clients really wanted to modify their home, can we do this while the bk is pending? Mortgage is current and their intent is to keep the house.
What is your experience with these modification people?
Thanks
--
Christine A. Wilton
Law Office of Christine A. Wilton
4067 Hardwick Street, #319
Lakewood, CA 90712
Toll Free: 877-207-6013
Cell: 562-824-7563
Fax: 562-804-4028
Email: attorneychristine@gmail.com
Web: www.attorneychristine.com
Blog: www.losangelesbankruptcylawmonitor.com
***************************
This e-mail and any files transmitted with it are private and confidential and are solely for the use of the addressee. It may contain material which is legally privileged. If you are not the addressee or the person responsible for delivering to the addressee, be advised that you have received this e-mail in error and that any use of it is strictly prohibited.
The post was migrated from Yahoo.
One of my clients; both spouses are on disability; are in the midst of a
chapter 7 and decided to contact a loan modification company because they
now want to modify their mortgage.
Luckily, they sent me the contract sent by this company and I say where they
take $4,500.00 up front and set it up on a trust account [allegedly] and
then work with my clients to modify the mortgage.
Well, I just got a call from this person from law office of X and needless
to say, he was very aggressive. I told him he was taking advantage of my
client and I would not approve it. He didn't like that too much; made me
wrong; told me how much he helped people; and ended the call.
Question: If my clients really wanted to modify their home, can we do this
while the bk is pending? Mortgage is current and their intent is to keep
the house.
What is your experience with these modification people?
Thanks
Christine A. Wilton
Law Office of Christine A. Wilton
4067 Hardwick Street, #319
Lakewood, CA 90712
Toll Free: 877-207-6013
Cell: 562-824-7563
Fax: 562-804-4028
Email: attorneychristine@gmail.com
Web: www.attorneychristine.com
Blog: www.losangelesbankruptcylawmonitor.com
***************************
This e-mail and any files transmitted with it are private and confidential
and are solely for the use of the addressee. It may contain material which
is legally privileged. If you are not the addressee or the person
responsible for delivering to the addressee, be advised that you have
received this e-mail in error and that any use of it is strictly prohibited.
One of my clients; both spouses are on disability; are in the midst of a chapter 7 and decided to contact a loan modification company because they now want to modify their mortgage.
Luckily, they sent me the contract sent by this company and I say where they take $4,500.00 up front and set it up on a trust account [allegedly] and then work with my clients to modify the mortgage.
Well, I just got a call from this person from law office of X and needless to say, he was very aggressive. I told him he was taking advantage of my client and I would not approve it. He didn't like that too much; made me wrong; told me how much he helped people; and ended the call.
Question: If my clients really wanted to modify their home, can we do this while the bk is pending? Mortgage is current and their intent is to keep the house.
What is your experience with these modification people?
Thanks-- Christine A. WiltonLaw Office of Christine A. Wilton4067 Hardwick Street, #319Lakewood, CA 90712Toll Free: 877-207-6013Cell: 562-824-7563Fax: Email: attorneychristine@gmail.comWeb: www.attorneychristine.comBlog:
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