1 / 10

26th Annual Bankruptcy Symposium December 6, 2013

26th Annual Bankruptcy Symposium December 6, 2013. MAKING THE MORTGAGE LOSS MITIGATION PROCESS WORK FOR YOU. MAKING THE MORTGAGE LOSS MITIGATION PROCESS WORK FOR YOU. Presented by:. Judge Thomas P. Agresti James A. Prostko , Esq. Scott E. Schuster, Esq. Holly C. Thurman, Esq.

sandro
Download Presentation

26th Annual Bankruptcy Symposium December 6, 2013

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. 26th Annual Bankruptcy SymposiumDecember 6, 2013 MAKING THE MORTGAGE LOSS MITIGATION PROCESS WORK FOR YOU

  2. MAKING THE MORTGAGE LOSS MITIGATION PROCESS WORK FOR YOU Presented by: Judge Thomas P. Agresti James A. Prostko, Esq. Scott E. Schuster, Esq. Holly C. Thurman, Esq. John F. Kroto, Esq. Igor Roitburg, Esq. *With special guest Michael R. Rhodes, Esq.

  3. PROGRAM GOAL: • De-mystify how LMP works. • Answer basic questions to assure a mortgage modification for the residential debtor. • Help parties to obtain the maximum amount of mortgage mods possible. MAKING THE MORTGAGE LOSS MITIGATION PROCESS WORK FOR YOU

  4. www.makinghomeaffordable.gov • use the "For Partner" tab to get to Understanding Program Guidelines and the "Making Home Affordable Program Handbook for Servicers" • www.checkmynpv.com • This is a free consumer online tool to assist homeowners in conducting a net present value evaluation of their mortgages for the HAMP program. • www.fanniemae.com/singlefamily/borrower-solicitation-materials • www.freddiemac.com/singlefamily/service/hmp • homeloanhelp.bankofamerica.com/en/home-affordable-modification.html • www.chase.com/chf/mortgage/hrm expect • www.wellsfargo.com/homeassist/loanmodificationwww.citimortgage.com/Mortgage/displayHomeOwnerAssistance.do?page=troublepayment 3 https://ocwen.mortgagebanksite.com/resources/firstLien.html Websites with information on the HAMP and non-HAMP loan modification programs and documents required

  5. Reasons for possible objection by the creditor to the debtor's request for loss mitigation: • Failure to follow the minimum monthly payment formula set forth in Rule 9020-3 • The debtors were recently reviewed for loan modification and denied. Problem loan modifications: Loan must be brought current in order to modify. • The debtor inherited the property. • The debtor is not the owner of the property. • The debtor is not on the loan. ISSUES IN THE LMP PROCESS

  6. Section 1 - Borrower Information Section 2 — Hardship Affidavit Section 3 – Property and Expenses Section 4 — Combined Income and Expense of Borrower/Co-Borrower Section 5 – Documentation • Form 4506T LMP APPLICATION PROCESS – BEST PRACTICES

  7. Points that will be Considered • Motions to Approve Loan Modifications • Substance of the Motion to Approve Loan Modification (Chart) • Comparison Factors • Other Factors • Summary of Negotiations • Debtor Acknowledgement LOAN MODIFICATION APPROVAL

  8. Local Forms 39 – 45 (plus 46 online) • Servicer Transfer Form Order • Interim Mortgage Modification • Final Report – Online Fillable Form • Accuracy is imperative • Used for data collection • Future of the Form – 2 Step • Know your dates LMP – FORM AND SUBSTANCE

  9. Status Conference vs. Order to Show Cause • How is the process going? • How much time do you have? How much do you need? • “Good Faith” W.PA.LBR 9020-3(e) • LMP participants shall negotiate in good faith. A party failing to participate in good faith may be subject to sanctions. LMP – APPROACHING THE COURT

  10. Default Mitigation Management (DMM) • Common issues • docUmods – www.documods.com WHAT CAN YOUR PORTAL DO FOR YOU

More Related