Bankruptcy and HAMP

by Chris
(Akron, Ohio)

We are in Bankruptcy Chapter 13 and twelve of our mortgage payments were included in the claim. Our mortgage lender states that we can only qualify for short sale because of this. They are applying all pre-petition and post-petition payments to arrearages which shows our loan more than twelve months past due.

Is this correct? From what I am reading, the lender is supposed to be applying all pre- petition payments to arrearages and post-petition payments to current mortgage. Also I have read that we may still qualify for HAMP because of the new supplemental directive regarding bankruptcy.

Is my lender overlooking this? We had a FHA insured loan--the lender/servicer evades speaking with me stating it's FHA but owned by them--can't get a straight answer.



Mortgage Loan Modification Answer:

Chris - Your questions are beyond my scope of knowledge. At this point, I would highly recommend speaking with an attorney or another professional who has expertise in the areas of mortgage loan modification and bankruptcy.

I'm not surprised that your lender's rep tried to evade your questions. It is very likely that they do not know the answers to your questions either. Have you tried escalating to a manager or another "more informed" person up the chain of command?

If there is anyone else reading this post and knows the answers to Chris' questions, please do share your knowledge.

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