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Since 1997 we are Tampa attorneys practicing exclusively in Divorce, Family, Adoption, Bankruptcy & Mediation Services: practicing in Tampa, Riverview, Brandon, Valrico, Lithia and all of Hillsborough County as well as for bankruptcy in all counties in the Tampa Division of the Middle District of Florda: Hillsborough, Pinellas, Manatee, Sarasota, Hardee, Hernando, Polk, and Pasco Counties. Our lawyers have experience practicing in contested and uncontested divorces, including military divorces, and family law, child support, child custody and visitation, relocation of children, alimony, domestic violence, distribution of assets and debts, retirement/pensions (military and private), enforcement and modification of final judgments, paternity actions, adoptions, and name changes. We offer a free consultation and we are happy to discuss your case. Call or email to schedule a consult. Our representation of our clients reflects our dedication to them.

Wednesday, August 29, 2012

Modification of Mortgage in Chapter 13 Bankruptcy


There are many mortgage borrowers struggling to make their monthly loan payments and falling behind in their payments. The Tampa Division of the Florida Middle District Bankruptcy Court has devised a mortgage bailout program formally named a mortgage modification mediation program under Chapter 13 bankruptcy. This program is intended to help borrowers to obtain a modification of their mortgage or home loan under Chapter 13 bankruptcy. So if you are behind in your mortgage and/or finding it difficult to make the monthly payment, you should consult with an experienced bankruptcy attorney as this may be beneficial to you.

If so, the Chapter 13 Plan, which is either 36 or 60 months depending on the borrowers income as determined in the bankruptcy, includes a request to modify the monthly mortgage payment of a mortgage on real property owned by the borrowers.  The borrowers will have to make a payment equal to 31% of their gross income each month as adequate protection payments to the mortgagee, which will include property taxes and property insurance.  Therefore, if 31% of your gross income is more than your mortgage payment including taxes and insurance, then a modification would not be beneficial to you.  That is unless you are behind on your loan payment which will be cured in a modification and your total payment will be 31% of your gross income.  Even if a modification would not be beneficial to you, if you are behind in your payments then a Chapter 13 bankruptcy will help you to catch up with your payments by the end of the plan period and to help you save your home and avoid foreclosure. 

A mediation must be scheduled with the lender within 6 months of filing the bankruptcy petition, as the automatic stay which protects a borrower from foreclosure is automatically terminated at the end of six month period.   A neutral "mediator" attempts to negotiate an agreement between the parties.  If an agreement can be reached, then the mediator will prepare the modification agreement.

Contact our office for more information on this procedure and we will be happy to discuss your options with you.  Furthermore, if you decide that a mortgage modification through a Chapter 13 bankruptcy is to your benefit, we can provide an attorney to attend the mediation with you to make sure your interests are properly represented, as the lender will have its attorney(s) at the mediation.
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21 comments:

  1. Great resource! Thanks for sharing, I found it valuable.

    ReplyDelete
  2. Although a loan modification can restructure the rate and terms of your mortgage down to a reasonable and sustainable amount over the long term, there are also costs and tax implications involved. Moreover, the whole process can take a long time to complete and you may wind up falling even further behind on your mortgage payments. Before you decide on, it's a good idea to seek advice from a financial professional to see if loan modification is right for you.

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  3. It’s really interesting to know that the Tampa Division of the Florida middle district bankruptcy court has devised a mortgage bailout program under the chapter 13 bankruptcy keeping in mind the poor mortgage borrowers who are on the verge to broke. This is undoubtedly a humanitarian side of the state legislature heads and I hope the other county and states will also take a lesson from this and try to save the wretched mortgage borrowers. However, I have a few questions here! What if the property is already under liens or the borrower is far behind on the payments? Would the bailout program be granted on those circumstances?

    Marc Brown
    Senior Financial Writer
    http://www.ovlg.com/

    ReplyDelete
    Replies
    1. Hi Marc! Just saw your reply. I'm a little behind. If the borrower is far behind on payments then in general the retroactive amount due can be paid back during the life of the Plan, which is either 36 or 60 months. The arrearge will not prevent the refinance of the mortgage. It all works together. Thanks for your comment!

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  4. Approval Ainslie. I think they'll be obliging. It really helps picture how a figure of areas were used and reuse over incident.home purchase

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  5. This comment has been removed by a blog administrator.

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  6. THANKS FOR THE LOVELY COMMENTS! I AM GLAD YOU LIKE THE POST ASWELL! MORE TO COME!

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  7. Thanks for this information. I love the details that you've put in your blog, because it helped me a lot on my problem in bankruptcy. Anyway, do you know where I can find the best lawyer for my bankruptcy problem?

    Chapter 13 Chicago

    ReplyDelete
  8. Well it depends on where you live and I think you live in Chicago. I can't refer you to anyone there, but thanks for asking. If you were in Tampa, we could help you!

    ReplyDelete
  9. Now, we have to ensure that our investment is safe from any type of issue. We have to assure that our issues is well taken care of regarding loan modification. It is important that we do everything to assure that we have somebody that will help us get rid of issues from loan modification to have a life more easier.

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  12. Great information ,Thanks a lot for the informative blog!
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