Category Archives: Bankruptcy Mandatory Foreclosure Mediation

HAMP Extended by Obama Administration

THE FOLLOWING ARTICLE IS FROM A REPORT BY REUTERS PRINTED IN THE HUFFINGTON POST.  The extension of the Hamp program will permit modifications both outside of bankruptcy and within the new chapter 13 bankruptcy mediation foreclosure program for a Fort Lauderdale bankruptcy or a Miami or Palm Beach bankruptcy.  Pros and cons for the overall program are discussed in the article. WASHINGTON, May 30 (Reuters) – The Obama administration on  Thursday said it was extending the life of its signature foreclosure-prevention program by two years to help more struggling borrowers keep their homes. The Home Affordable Modification Program, or HAMP, was to  expire at the end of this year. When it was unveiled in 2009, the administration estimated  it would help 3 million to 4 million homeowners avoid  foreclosure by reworking loan terms. So far, however, only about  1.1 million homeowners have benefited from a permanent mortgage  modification under the…
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Bankruptcy Mortgage Modification Program: I want to Surrender Property #9

A borrower might have a real need to surrender real estate to the lender.  Perhaps the owner has moved from the home or has investment property that is vacant.  The owner can file a Fort Lauderdale bankruptcy to discharge  the mortgage debt.  But association fees owed after the case is filed remain an ongoing obligation as long at the debtor still owns the property.  The debtor might also be subject to liability if someone slips and falls or for code enforcement violations. The debtor in a Chapter 13  bankruptcy in South Florida can use the new mandatory mediation procedures to attempt to have the bank accept a deed for the property. The mandatory mediation procedure can also be used in Miami Chapter 7 bankruptcy solely for the purpose of surrendering property.  The mediation procedure does not apply to trying a Broward mortgage modification in a chapter 7.  

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Bankruptcy Mandatory Mortgage Mediation: Better Underwriters? #8

This is my 8th post on the Fort Lauderdale  bankruptcy mediation program .  The underwriter for the servicer reviews the application and financial information provided by the borrower to determine whether a modification can be provided and the terms of the modification.  I have been informed that typically the underwriters in the bankruptcy department for the lender are more experienced; they have received promotions and have higher pay then the typical foreclosure underwriter.  A more knowledgeable and experienced  underwriter would be better able to understand the situation of the debtor during a mediation.

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