Loan Modification Management Pilot Program Launched in Central District of California.
The Home Affordable Modification Program (HAMP) introduced in 2009 in response to the subprime mortgage crises expired on December 31st, 2016. However, you still have options available if you are facing foreclosure. For instance, you may want to consider a forbearance of payment, a short sale, or a deed in lieu of foreclosure. Or you may want to try HAMP’s sister program, the Home Affordable Refinance Program (HARP). To find out what option is best for your particular situation, you need to speak with an experienced foreclosure prevention attorney. The legal team at the San Fernando Valley offices of Nader & Berneman has been helping people stay in their homes for over 20 years. Call them today at (818) 788-5008 for a free consultation.
A group of judges from the United States Bankruptcy Court for the Central District of California has come up with yet another tool to help homeowners in danger of foreclosure keep their homes. It is called the Loan Modification Management Pilot Program (LMM), and is designed to act as a confidential forum where creditors and debtors can communicate and work out a loan modification under the supervision of the court. It is only available in California’s Central District for homeowners in active Chapter 13 cases and only in cases heard by five select judges:
Los Angeles Division
The Honorable Julia W. Brand
The Honorable Neil W. Bason
San Fernando Valley Division
The Honorable Martin R. Barash
Santa Ana Division
The Honorable Catherine E. Bauer
The Honorable Scott H. Yun
Chapter 13 Bankruptcy
It is commonly known that it is much easier for homeowners obtain a loan modification while in an active Chapter 13 case.
You may also be able to eliminate 2nd mortgages and/or other liens, along with your unsecured creditors. This will free you up to modify your primary mortgage and make the monthly payments more manageable.
You’ve worked hard for your home and you should be able to keep it. That’s what the attorneys at Nader & Berneman want to help you do. Call (818) 788-5008 today for a free consultation.
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- Loan Modification Management Pilot Program - United States Bankruptcy Court for the Central District of California