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Loan Modifications in Chapter 13 cases
Jim,
Several of my chapter 13 clients have received invitations to apply for loan modifications and fast approvals after applying for them.
I perform the same analysis regarding paydown of the unmodified loan arrears versus payments toward otherwise dischargeable debt, if the loan is modified.
Sometimes the lower interest rate tips the scale toward loan modification and dismissal of case followed by settlement of the general unsecured debt, depending on percentage to Class 5 and whether funds are available for lump-sum settlements
Peter
Sent from my iPhone - please excuse typos.
> On Dec 9, 2016, at 11:17 AM, david@dpjacob.com [cdcbaa] wrote:
>
> I am sure you saw the new court trial program
> Launch of the Courts Loan Modification Management Pilot Program | Central District of California | United States Bankruptcy Court
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> Launch of the Courts Loan Modification Management Pilot Program | Central ...
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> On Friday, December 9, 2016 11:01 AM, "Jim Selth jim@wsrlaw.net [cdcbaa]" wrote:
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> Is it just me, or have you all been getting new proposals to have clients submit loan modification requests in pending Chapter 13 cases? I have advised my clients that if all they get out of the loan modification is wrapping up the arrearages into a new amortized balance, theyll still have to pay their Plan payments and that money will now go to their unsecured creditors than towards their mortgage. However, if the proposed loan modification included a reduced principal balance or interest rate, then it might be worth it.
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> Any other thoughts?
>
> Jim
>
> James R. Selth
> Certified Bankruptcy Specialist*
> Weintraub & Selth, APC
> 11766 Wilshire Boulevard, Suite 1170
> Los Angeles, California 90025
> Telephone: (310) 207-1494
> Facsimile: (310) 442-0660
> E-Mail: jim@wsrlaw.net
> Web: www.wsbankruptcylaw.com
>
> *Certified by State Bar of California as Certified Legal Specialist in Bankruptcy Law
> Commissioner, Bankruptcy Law Advisory Commission, State Bar of California.
>
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The post was migrated from Yahoo.
I am sure you sawthe new court trial programLaunch of the Courtornia | United States Bankruptcy Court
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Launch of the Courts Loan Modification Management Pilot Program | Central ...
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On Friday, December 9, 2016 11:01 AM, "Jim Selth jim@wsrlaw.net [cdcbaa]" wrote:
Is it just me, or have you all been getting new proposals to have clients submit loan modification requests in pending Chapter 13 cases?tion is wrapping up the arrearages into a new amortized balance, theyheir unsecured creditors than towards their mortgage. However, if the proposed loan modification included a reduced principal balance or interest rate, then it might be worth it. Any other thoughts? Jim James R. Selth
Certified Bankruptcy Specialist*
Weintraub & Selth, APC
11766 Wilshire Boulevard, Suite 1170
Los Angeles, California 90025
Telephone: (310) 207-1494
Facsimile: (310) 442-0660
E-Mail: jim@wsrlaw.net
The post was migrated from Yahoo.