HAMP guidelines effective June 1, 2010 require that loan servicers must now consider borrowers in active chapter 7 or chapter 13 cases for a HAMP modification if it is requested by the debtor, debtor's counsel or the bankruptcy trustee.
What does this mean, practically speaking? Well, homeowners may still be able to save their homes from foreclosure or request a modification of their mortgage without filing for the more burdensome Chapter 13 reorganization.
Wednesday, June 2, 2010
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