Should you try to get a loan modification done with your lender or should you file bankruptcy? The decision to do a loan modification is something you can accomplish yourself or you can seek professional assistance. If your home is really that far underwater, a loan modification might not be enough to help you.

U.S. Trustee Program: The Home Affordable Modification Program (HAMP) & Bankruptcy: How We Can Help In the Chapter 13 loan modification program, your bankruptcy attorney takes a complete look at your financial picture. If you were denied because you didn’t have enough income or because of excessive debt, you may be able to reorganize your debts in a Chapter 13 and lower your car payments, get rid of that second or third mortgage, and eliminate your credit card debt.

Vehicle Loans – Car loans are treated in one of two ways in a Chapter 13 bankruptcy, depending on the age of the loan. If you bought the vehicle within the last 2 years , you can reduce the interest on the loan to 5.25% and stretch your payments out over the life of the plan (usually 5 years).

 · Another option that may work better for debtors is a chapter 13 bankruptcy. Debtors can keep their homes while continuing their mortgage payments, including arrearages, for between three and five years. If that sounds like it can help you, then you should consult with an experienced New York bankruptcy lawyer.

Debtors can arrange to make up delinquent payments over time, but under chapter 13 rules, all new mortgage payments from the time of filing must be made on time. The debtor also must work with a mediator, or trustee, who distributes payments to the creditors.

Refinancing Home Loan Services In Florida Veterans may be eligible for refinancing their VA mortgage using Interest Rate Reduction Refinancing Loans (IRRRL). Making Home Affordable Program. The Making Home Affordable Program offered opportunities to modify or refinance your mortgages, but as of December 30, 2016, no new requests for assistance under any MHA program will be accepted.Best Cities for Lawyers Law enforcement is a career that is always in the public eye, whether it’s for heroic reasons or scandal. It’s a profession that more than 900,000 Americans hold, knowing full well the hazards associated with their occupation. In the past 10 years, for instance, more than 1,500 police officers, including 158 in 2018 alone, died in the line of duty.

Last minute help. If a loan mod application is made more than 37 days before the foreclosure sale, the servicer cannot conduct a foreclosure sale until it issues a decision on the application. The new rules deal with a myriad of variations on these timelines. The theme in the rules is consistent: federal law requires a decision on a loan modification.

The deadline for creditors to file a proof of claim was revised in an amendment to Federal Rules of Bankruptcy Procedure 3002. The new deadline will affect bankruptcies filed under Chapter 7, in which debtors liquidate assets; Chapter 12, which enables family farmers and fishermen to restructure their finances; and Chapter 13. Previously creditors had 90 days after an initial meeting of creditors was held.

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