New Help for Homeowners Facing Foreclosure

Here’s a link to the new directive from the Treasury for the Home Affordable Modification Program (HAMP), which includes guidelines for HAMP modifications in bankruptcy. These guidelines increase the ability to use chapter 13 as a platform to obtain a mortgage modification under HAMP. Now, homeowners in chapter 13 are required to be considered for HAMP upon request. The chapter 13 plan may provide for modified payments at 31 percent of gross income, thus allowing chapter 13 debtors a means to reduce their mortgage to an affordable level. The new rules make a number of other procedural changes to benefit homeowners in bankruptcy. Click here to read more on Treasury’s Supplemental Directive 10-02 to HAMP.

The directive is too long to post here, so I’ve included a link.

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About Law Office of Daniela P. Romero, APLC

We represent consumers and in Chapter 7 and 13 bankruptcy cases within the United States Bankruptcy Court for the Central District of California. Get a fresh start! Nosotros representamos a individuos y pequeñas empresas en el Capítulo 7 y 13 casos de bancarrota en el Tribunal de Quiebras de los Estados Unidos para el Distrito Central de California. Empiece de nuevo!
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