New Jersey Bankruptcy Lawyer

Beginning today, June 1, 2010, mortgage servicers cannot deny a HAMP loan modification to borrowers who are in an active Chapter 7 or Chapter 13 case simply based on the debtor’s filing of bankruptcy.  Put simply, a person who files for bankruptcy must be considered like any other applicant who is requesting a loan modification.  What this means is that for a lot of people who were advised to wait and try and get their modification and then file for bankruptcy will now have the ability to file bankrutpcy right away and still have the ability to get the modification while they are in bankruptcy.

This new directive provides a powerful resource to homeowners who are faced with mortgages that they can no longer afford.  Where once they had to make a decision to hold off on bankruptcy until they went through the mortgage modification process, now they can get bankruptcy relief and possibly get a mortgage modification from their mortgage company at the same time.

If you have any questions about whether you qualify for a mortgage modification or whether bankruptcy is right for you, then please give New Jersey Bankruptcy Attorney, Stefan Coleman a call today to set up a free over-the-phone consultation.