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Option ARMS and Form 22A-- Which Payment Amount?
To date: 500,000 outstanding loan mod applications and 1,711 total permanent
modifications -- this stat was given to me yesterday by an attorney for the
Housing and Economic Rights Advocates (HERA).
I just learned from Stephanie Haffner of Neighborhood Legal Services (NLS)
that they have just started a Pilot Project with some of the Banks re loan
mods; the project may end up being a model for other organizations going
forward--but it seems that right now, it's all carrot and no stick in
getting the banks to the table. Hopefully NLS will end up getting a better
result using their leverage.
On Thu, Dec 10, 2009 at 12:15 PM, Shannon Doyle wrote:
>
>
> Sounds like client needs a loan mod before filing.
>
>
>
> Shannon A. Doyle, Esq.
>
> Borowitz, Lozano & Clark, LLP
>
> 100 N. Barranca Avenue, Suite 250
>
> West Covina, CA 91791-1600
>
> (626) 332-8600 Phone
>
> (626) 332-8644 Facsimile
>
> www.blclaw.com
>
>
> ------------------------------
>
> *From:* cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com] *On Behalf
> Of *Donny Brand
> *Sent:* Thursday, December 10, 2009 10:41 AM
> *To:* cdcbaa@yahoogroups.com
> *Subject:* [cdcbaa] Option ARMS and Form 22A-- Which Payment Amount?
>
>
>
>
>
> In Chapter 7, when a client can either pay a minimum payment a 15-year
> amortized payment an amortized payment or an interest only payment,
> what is everyone putting in line 42 on Form 22A?
>
>
>
> The difference between an interest only payment deduction and amortized
> payment deduction can be the difference between an undoable chapter 13
> and a well-below-the-presumption-of-abuse chapter 7
>
>
>
>
>
> Thanks,
>
>
>
>
>
> Donny Brand
>
> Brand & Spellman PC
>
> 3836 E. Anaheim St.
>
> Long Beach, CA 90804
>
> 562-438-7500
>
> 888-99-BKRPT (888-992-5778)
>
> www.brandspellman.com
>
>
>
> --------------------
>
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> distribution, copying, or other use of this email or its attachments is
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>
>
>
>
Daniela P. Romero
Law Office of Daniela Romero, APLC
1015 N. Lake Ave., Ste. 115
Pasadena, CA 91104
Telephone:626-817-2611
Facsimile: 626-628-1781
email: dromerolaw@gmail.com
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To date: 500,000 outstanding loan mod applications and 1,711 total permanent modifications -- this stat was given to me yesterday by an attorney for the Housing and Economic Rights Advocates (HERA). I just learned from Stephanie Haffner of Neighborhood Legal Services (NLS) that they have just started a Pilot Project with some of the Banks re loan mods; the project may end up being a model for other organizations going forward--but it seems that right now, it's all carrot and no stick in getting the banks to the table. Hopefully NLS will end up getting a better result using their leverage.
On Thu, Dec 10, 2009 at 12:15 PM, Shannon Doyle <sdoyle@blclaw.com> wrote:
Sounds like client needs a loan mod before
filing.
Shannon A. Doyle, Esq.
Borowitz, Lozano & Clark, LLP
100 N. Barranca Avenue, Suite 250
West Covina, CA 91791-1600
(626) 332-8600 Phone
(626) 332-8644 Facsimile
www.blclaw.com
From:
cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com] On Behalf Of Donny Brand
Sent: Thursday, December 10, 2009
10:41 AM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Option ARMS and
Form 22A-- Which Payment Amount?
In Chapter 7, when
a client can either pay a minimum payment a 15-year
amortized payment an amortized payment or an
Form 22A?
The difference
between an interest only payment deduction and amortized
payment deduction can be the difference between an undoable chapter 13
>
Thanks,
Donny Brand
Brand &
Spellman PC
3836 E. Anaheim St.
Long Beach
The post was migrated from Yahoo.
Sounds like client needs a loan mod before filing.
Shannon A. Doyle, Esq.
Borowitz, Lozano & Clark, LLP
100 N. Barranca Avenue, Suite 250
West Covina, CA 91791-1600
(626) 332-8600 Phone
(626) 332-8644 Facsimile
www.blclaw.com
________________________________
The post was migrated from Yahoo.
Well, Donny, I figure they call it an option arm because the client has
the option. I'm sure the trustee may see that differently, but I choose
whatever is in the best interest of my client. I sometimes try to
fortify that option by having my client actually make the payment on the
option I am asserting should be used in the calculation. If push comes
to shove then our advocacy skills come into play before the judge. If
it's EC, you probably lose, but I think there is a shot with most other
judges if you are convincing enough.
The post was migrated from Yahoo.
In Chapter 7, when a client can either pay a "minimum payment" a "15-year
amortized payment" an "amortized payment" or an "interest only payment",
what is everyone putting in line 42 on Form 22A?
The difference between an "interest only payment" deduction and "amortized
payment" deduction can be the difference between an undoable chapter 13 -
and a well-below-the-presumption-of-abuse chapter 7.
Thanks,
Donny Brand
Brand & Spellman PC
3836 E. Anaheim St.
Long Beach, CA 90804
562-438-7500
888-99-BKRPT (888-992-5778)
www.brandspellman.com
This message originates from the law firm of Brand & Spellman PC and may
contain legally privileged and confidential information intended solely for
the use of the addressee. If you are not the intended recipient and have
received this message in error, please notify us at
info@brandspellman.com and delete this email
from your system. Any unauthorized reading, distribution, copying, or other
use of this email or its attachments is strictly prohibited.
In Chapter 7, when a client can either pay a “minimum
The post was migrated from Yahoo.