New HAMP Guidelines Include Borrowers in Bankruptcy
A new opportunity to assist consumer bankruptcy clients facing foreclosure opened up yesterday, when Treasury Department Supplemental Directive 10-02 took effect. Among other things, the directive requires servicers to consider borrowers in bankruptcy for modification upon request of the borrower, the debtors bankruptcy attorney or the bankruptcy trustee.
Complete information is available here: Supplemental Directive 10-02 - Home Affordable Modification Program - Borrower Outreach and Communication
This is a great news. Traditional mortgage modifications are often hard to achieve for debtors.
Thank you for the helpful information.
I have never missed a payment on loan my home loan If I file bankruptcy on my credit cards would I loose my home
The Hamp program is what sent me into bankruptcy in the first place. It is my opinion that this program coupled with my mortgage company and the nightmare they put me into by offering me this plan, was a very ineffective solution.
I've been pleasantly surprised that lenders have been receptive to processing debtor's modification requests while pursuing a bankruptcy (in both Chapter 7 & 13). Unfortunately, the modificatinos are woefully inadequate and inconsistent with the HAMP guidelines for reasons they are unwilling to discuss and/or disclose.
Thanks for sharing this news. It is kind of you to provide such an information.
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A lot of debtors will find this informative.