Central District Consumer Bankruptcy Attorney's Association

My understanding/experience is that the Bank will require a Court order before moving forward with the modification.
To: cdcbaa@yahoogroups.com
Sent: Friday, February 26, 2010 8:48:22 AM
Subject: [cdcbaa] Citimortgage & Loan Mods
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
*****PLEASE NOTE - WE HAVE A NEW DOWNTOWN ADDRESS*****
Matthew D. Resnik
Attorney at Law
Los Angeles Office - Downtown
Simon and Resnik LLP
510 W. Sixth Street
Suite 1220
Los Angeles, Ca 90014
T:213-572-0800
F: 213-572-0860
Matt@resniklaw.com
www.simonresnik.com
San Fernando Valley - Sherman Oaks
Simon & Resnik, LLP
15233 Ventura Boulevard
Suite 300
Sherman Oaks, CA 91403
P: 818-783-6251 #2
F: 818-827-4919
p { margin: 0; }My understanding/experience is that the Bank will require a Court order before moving forward with the modification. ----- Original Message -----s.comSent: Friday, February 26, 2010 8:48:22 AMSubject: [cdcbaa] Citimortgage & Loan Mods

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
-- *****PLEASE NOTE - WE HAVE A NEW DOWNTOWN ADDRESS*****Matthew D. ResnikAttorney at LawLos Angeles Office - DowntownSimon and Resnik LLP510 W. Sixth StreetSuite 1220Los Angeles, Ca 90014T:213-572-0800F: 213-572-0860Matt@resniklaw.comwww.simonresnik.comSan Fernando Valley - Sherman OaksSimon & Resnik, LLP15233 Ventura BoulevardSuite 300Sherman Oaks, CA 91403P: 818-783-6251 #2F: 818-827-4919

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