Central District Consumer Bankruptcy Attorney's Association

I would suspect that this allows WF to argue they gave good faith effort at
loan modification but consumer refused to accept, therefore they should be
allowed to foreclose should the 13 fall through and remember most 13's do
fall through so WF may be expecting that as well.
Does WF own the 2nd?
1489 E. Colorado Blvd. #207
Pasadena, CA 91106
(626) 507-8090
"Bankruptcy, Michael, is nature's do-over. It's a fresh start, a clean
slate."
"Like the witness protection program!"
"Exactly."
On Sun, Feb 28, 2010 at 10:38 AM, Cola wrote:
>
>
> A client is currently in a 13 post-341 but pre-confirmation hearing.
>
> We hope the 2nd will be stripped. Her first lender, Wells Fargo, offered
> her a loan mod several days ago. The circumstances of which are quite
> strange. They have offered to push her arrearage into her loan balance and
> to modify the note to 3% for a year. I am not sure that see any reason not
> recommend that she agree to the terms.
>
> However, what makes the situation stranger is that she has been given the
> offer and only four days to respond. Worse still, the lender has claimed to
> her that they sent me a copy of the terms to review, and they most certainly
> did not.
>
> Am I missing something here? If not, what exactly is going on? Why now?
> And, what role does the bankruptcy court take here?
>
>
>
I would suspect that this allows WF to argue they gave good faith effort at loan modification but consumer refused to accept, therefore they should be allowed to foreclose should the 13 fall through and remember most 13's do fall through so WF may be expecting that as well.
Does WF own the 2nd?-- Amy Clark Kleinpeter1489 E. Colorado Blvd. #207Pasadena, CA 91106(626) 507-8090"Bankruptcy, Michael, is nature's do-over. It's a fresh start, a clean slate."
"Like the witness protection program!""Exactly."
On Sun, Feb 28, 2010 at 10:38 AM, Cola <rogerclim@gmail.com> wrote:
A client is currently in a 13 post-341 but pre-confirmation hearing.
We hope the 2nd will be stripped. Her first lender, Wells Fargo, offered her a loan mod several days ago. The circumstances of which are quite strange. They have offered to push her arrearage into her loan balance and to modify the note to 3% for a year. I am not sure that see any reason not recommend that she agree to the terms.
However, what makes the situation stranger is that she has been given the offer and only four days to respond. Worse still, the lender has claimed to her that they sent me a copy of the terms to review, and they most certainly did not.
Am I missing something here? If not, what exactly is going on? Why now? And, what role does the bankruptcy court take here?

The post was migrated from Yahoo.

It doesn't sound like a very good deal, a loan mod for less than the duration of the plan? What happens to the loan after the 1 year and what is the purpose of the plan if the arrears are cured by the loan mod? What other debts are cured by the plan? Did you use theAddendumto the Plan form? Maybe they are trying to avoid accountability to the court for the money they receive while the debtor is in the plan. Also, if you modify during the 13, you must submit a motion for approval of the loan mod.
The lenders/servicers are very good at making inaccurate statements. If you do not have a copy of it and do not remember receiving a copy, then you did not receive, they did not send or if they did put it in the mail they sent it to someone else.
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The post was migrated from Yahoo.

A client is currently in a 13 post-341 but pre-confirmation hearing.
We hope the 2nd will be stripped. Her first lender, Wells Fargo, offered her a loan mod several days ago. The circumstances of which are quite strange. They have offered to push her arrearage into her loan balance and to modify the note to 3% for a year. I am not sure that see any reason not recommend that she agree to the terms.
However, what makes the situation stranger is that she has been given the offer and only four days to respond. Worse still, the lender has claimed to her that they sent me a copy of the terms to review, and they most certainly did not.
Am I missing something here? If not, what exactly is going on? Why now? And, what role does the bankruptcy court take here?

The post was migrated from Yahoo.