Option ARMS and Form 22A-- Which Payment Amount?
Posted: Thu Dec 10, 2009 1:38 pm
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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Daniela P. Romero
Law Office of Daniela Romero, APLC
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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.