Central District Consumer Bankruptcy Attorney's Association

I would like to add in my profound cynicism to the loan mod process...the
trial periods go on indefinitely...borrowers are left in the dark without
knowledge of where they are in the process and/or how to move forward...they
lack any leverage...and in my experience end up losing the residence anyway.
Robert S. Vitt
VITT LAW FIRM
3200 E. Guasti Road Ste 100
Ontario, CA 91761
909.275.7594 Office
909.275.7621 Facsimile
www.bankrutpcy-ie.com
www.vittlawfirm.com
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I would like to add in my profound cynicism to the loan mod process...the trial periods go on indefinitely...borrowers are left in the dark without knowledge of where they are in the process and/or how to move forward...they lack any leverage...and in my experience end up losing the residence anyway.
r>Ontario, CA 91761909.275.7594 Office909.275.7621 Facsimilewww.bankrutpcy-ie.com
The post was migrated from Yahoo.

I just got a call yesterday from a pc where she made trial modification
payment for 18 months; the lender recently rejected one of her payments; and
is just now being told that she didn't qualify and is in foreclosure.
On Fri, Feb 26, 2010 at 8:48 AM, jbsesq1965 wrote:
>
>
> I have a client who is in the 90 day "trial period" of a loan mod with
> Citimortgage. I am in the habit of telling clients that filing a BK while a
> loan mod is being considered has the very real possibility of "blowing up"
> the loan mod process, though I understand from some posts here that some
> lenders will still work on the loan mod while the BK is pending. I don't
> think most banks understand what they are doing in the loan mod process, and
> barely know what they are doing with the bankruptcy process, and certainly
> can't figure out how to both at the same time. Sorry, that was gratuitous
> commentary.
>
> I have also told my client here that after listening to many clients
> describe the loan mod process, the 90 day "trial payment" period often lasts
> 8 months or more with the bank never finalizing the mod. This has been well
> documented in local and national press of late, too.
>
> Here the loan mod is very good for the clients, and they want it to go
> forward. If finalized, they can hire me to do the C13 to go after the second
> and the credit cards.
>
> Unfortunately, a credit card just got a judgment and a wage garnishment
> against the client. An 8-12 month delay in finalizing the mod will crush the
> client with the garnishment, but they are willing to tough it out if
> Citimortgage will stick to the 3 month plan.
>
> Has anyone had actually seen how Citimortgage is doing on the
> modifications? Does anyone out there have a client who actually got a
> permanent mod from Citimortgage, and if so was it timely in respect to the
> 90 day trial period?
>
> Thanks
>
> Jeff Smith
>
>
>
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
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I just got a call yesterday from a pc where she made trial modification payment for 18 months; the lender recently rejected one of her payments;sure.
On Fri, Feb 26, 2010 at 8:48 AM, jbsesq1965 <jsmith@cgsattys.com> wrote:
I have a client who is in the 90 day "trial period" of a loan mod with Citimortgage. I am in the habit of telling clients that filing a BK while a loan mod is being considered has the very real possibility of "blowing up" the loan mod process, though I understand from some posts here that some lenders will still work on the loan mod while the BK is pending. I don't think most banks understand what they are doing in the loan mod process, and barely know what they are doing with the bankruptcy process, and certainly can't figure out how to both at the same time. Sorry, that was gratuitous commentary.
I have also told my client here that after listening to many clients describe the loan mod process, the 90 day "trial payment" period often lasts 8 months or more with the bank never finalizing the mod. This has been well documented in local and national press of late, too.
Here the loan mod is very good for the clients, and they want it to go forward. If finalized, they can hire me to do the C13 to go after the second and the credit cards.Unfortunately, a credit card just got a judgment and a wage garnishment against the client. An 8-12 month delay in finalizing the mod will crush the client with the garnishment, but they are willing to tough it out if Citimortgage will stick to the 3 month plan.
Has anyone had actually seen how Citimortgage is doing on the modifications? Does anyone out there have a client who actually got a permanent mod from Citimortgage, and if so was it timely in respect to the 90 day trial period?
ThanksJeff Smith
-- Christine A. WiltonLaw Office of Christine A. Wilton4067 Hardwick Street, #319Lakewood, CA 90712
Toll Free: 877-207-6013Cell: 562-824-7563Fax: gmail.com">attorneychristine@gmail.comWeb: 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.

I have a client who is in the 90 day "trial period" of a loan mod with Citimortgage. I am in the habit of telling clients that filing a BK while a loan mod is being considered has the very real possibility of "blowing up" the loan mod process, though I understand from some posts here that some lenders will still work on the loan mod while the BK is pending. I don't think most banks understand what they are doing in the loan mod process, and barely know what they are doing with the bankruptcy process, and certainly can't figure out how to both at the same time. Sorry, that was gratuitous commentary.
I have also told my client here that after listening to many clients describe the loan mod process, the 90 day "trial payment" period often lasts 8 months or more with the bank never finalizing the mod. This has been well documented in local and national press of late, too.
Here the loan mod is very good for the clients, and they want it to go forward. If finalized, they can hire me to do the C13 to go after the second and the credit cards.
Unfortunately, a credit card just got a judgment and a wage garnishment against the client. An 8-12 month delay in finalizing the mod will crush the client with the garnishment, but they are willing to tough it out if Citimortgage will stick to the 3 month plan.
Has anyone had actually seen how Citimortgage is doing on the modifications? Does anyone out there have a client who actually got a permanent mod from Citimortgage, and if so was it timely in respect to the 90 day trial period?
Thanks
Jeff Smith

The post was migrated from Yahoo.