Board Certified Specialist in Bankruptcy
We often talk to prospective clients who hope to avoid foreclosure and bankruptcy by applying for a mortgage modification. While we always wish them the best of luck, we consider it our professional duty to inform them of what lies ahead if they apply with the Home Affordability Modification Program (HAMP).In October, Bloomberg reported on congressional hearings, which include this fact: even … [Read more...]
Sometimes when we tell prospective clients they are better off declaring bankruptcy than hoping for a mortgage modification they believe we're giving self-serving advice. Scroll to the bottom of this post for a comprehensive story from PBS's NewsHour on the modification debacle. Unemployment is the culprit Until employment improves, the housing situation will not improve. Most of the people we … [Read more...]
Although the Home Affordable Modification Program (HAMP) has been widely reported as under-serving those in need, and hat has been our clients' experience here, if you are considering filing for bankruptcy protection or have already done so, and you have also applied for HAMP, this guide explains policies and procedures related to borrower outreach and communication. Chapter 13 bankruptcy must … [Read more...]