Bankruptcy Loan Modification

****Note, the information shared here is not to be used as legal advice. Should you face any financial difficulty, please do not hesitate to contact me for a free consultation. I can be reached at (215)821-8377 or at DaveHuberEsq@yahoo.com. In helping individuals with bankruptcy, the federal government has designated me a debt relief agent.*****

The Chief Judge of the New Jersey Bankruptcy Court has just released the loss mitigation program. Earlier this year, judges, trustees, and attorneys from around the state met to develop a program that would ease the difficulty people and mortgage companies face in trying to establish mortgage modification. This program took effect on August 1, 2011 and was very inspiring for me to be involved in its formation and integration. A link to the announcing article is here:
http://www.law.com/jsp/nj/PubArticleNJ.jsp?id=1202508961233

What does this mean for the individual consumer facing difficulty with their mortgage? It creates an environment, under direct federal court oversight, for you (through your attorney if you have one) to reach out to the mortgage company and attempt to modify the mortgage you are having trouble with. Whether it is a short term issue that caused you to be behind, or an interest rate you feel you can no longer meet; there is now a more direct avenue to obtaining a modification through legal assistance. There are strict deadlines for either side to provide information, respond to submissions, and ultimately come to a decision as to whether the mortgage itself can be modified.

As with everything, there are certain requirements a person must meet to enter into the program. The first is filing for bankruptcy; which itself is a decision not to be made lightly. However, if there are various financial difficulties you face, including meeting your mortgage obligation; this program is a wonderful tool. For an attorney who represents individuals facing the strife of financial peril; this program eases our ability to address all forms of financial assistance and recovery. With this in place, attorneys who represent individuals in bankruptcy now can not only help stem the tide of their problems.

For individuals who are in bankruptcy, this program goes even further in helping them obtain a "fresh start". This truly is a welcome announcement and I commend Chief Judge Wizmur in the swiftness of its incorporation.