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17

Jun 2010

After bankruptcy mortgage loan modification saves house

Posted by / in After Bankruptcy / 6 comments

Got an email this morning from Bill and Brenda (not their real names) letting me know they had gotten approved for their mortgage loan modification.

They first came to talk to me about filing bankruptcy in Virginia in November 2008. They really wanted to keep their house, but at that point their income was really low.  Bill was paid by commission, and it had gotten really slow during the worst of the panic.

They couldn’t get approved for a loan modification, because the mortgage company thought couldn’t afford any house payment at all.

So, the mortgage company set a foreclosure sale date on May 15.   Bill filed bankruptcy on May 14–to take care of his credit cards and stop the foreclosure.

They applied again for a loan mod, but got no where.

A new foreclosure sale was set for October 2, after the mortgage company got permission to foreclose from his bankruptcy judge. We filed Brenda’s bankruptcy on October 1, just in time to stop them again.  (The bankruptcy also took care of her credit cards at that point, too.)

By the time the mortgage company got permission again to foreclose, Bill’s income had improved.   This time the mortgage company would consider a loan mod.

And yesterday the loan mod was approved. That was twice bankruptcies were filed within two days of scheduled foreclosures, and now they have saved the house.  Bill and Brenda’s hard work staying in touch with the mortgage company was one reason this worked.  Good timing on the bankruptcies made it possible.   Commissions getting back to normal on Bill’s job helped a lot, too.

It doesn’t always work out that well, but when it does, I’m really happy.  Bill and Brenda really are, too.

I’ve seen several clients get mortgage loan modification offers after bankruptcy when they couldn’t get one before.   This is the one I’m happiest about today.

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Robert Weed has helped twelve thousand people file bankruptcy in Northern Virginia. Robert Weed is a frequent panelist and speaker at the meetings of the National Association of Consumer Bankruptcy Attorneys. He is one of Northern Virginia’s most experienced personal bankruptcy lawyers. As an expert on changing consumer bankruptcy laws, Robert Weed has been interviewed on local and national TV and quoted in newspapers across the country.

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6 comments
  • Beverly

    January 6, 2011, am31 10:25 AM
    01

    Did the Judicial Loan Modification in banruptcy bill ever get passed by congress? Is it signed into law?

    • Robert Weed

      January 6, 2011, am31 10:40 AM
      02

      Nope. Passed the House of Representatives buy failed in the Senate. And it for sure is not going anywhere now with the Republicans back in control.

  • Andrew M. Sumpter

    May 25, 2011, am31 1:17 AM
    03

    is loan modification bankruptcy passed in house of representatives? well, maybe it can help.

    • Robert Weed

      May 25, 2011, pm31 9:24 PM
      04

      Not much hope of any favorable changes in the law from this Congress.

  • Robert Weed

    July 19, 2011, pm31 3:07 PM
    05

    Tell me more about what you do; or send me some samples.

  • Robert Weed

    July 21, 2011, pm31 12:34 PM
    06

    Can you direct me to some of your articles. I’m nervouc about having a non lawyer help me; but interested in your offer.

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