subject: Utah Loan Modification - Descriptions For Loan Modification And Bankruptcy [print this page] Real Estate Litigation : All are having problems on making the monthly payments, or having problems on making your monthly payments in the future. More chances are there for trying to obtain a loan modification. For those of you that are seriously delinquent in your monthly payments you may try to hire a loan modification company which help you obtain a loan modification. Be sure that you are hiring a reputable loan modification company.
When you are trying to obtain a loan modification or hired someone to help, the only result is the fact that your house is edging closer to foreclosure than it is to a loan modification. One of the biggest trends that are seen today is a homeowner filing for bankruptcy the day before the foreclosure date to try and stop the foreclosure sale. Most of the time, they are filing their bankruptcy case without an attorney, so they are unaware of the needs to take place to correctly file a bankruptcy case. There is lot of issues involved in a scenario such as this, and finding a bankruptcy attorney that can guide you in these rough waters may be what you need.
Credit Counseling Course:
You need to complete the class and obtain the certificate prior to filing for bankruptcy, or your case will be dismissed. Most people that file for bankruptcy and therefore do not know that their case is doomed to fail from the start. If your case is dismissed, the mortgage lender can proceed with the foreclosure process.
Dismissal of case:
When you are filing a bankruptcy petition to stop the foreclosure you probably did not have an opportunity to file all the schedules and forms that are required in your bankruptcy case, such as Schedules A through J, Statement of Financial Affairs or Means Test. The Bankruptcy Court issues an order in your case for filing all missing documents within 14 days from the date of the order or your case will be dismissed. You may file a motion with the Bankruptcy Court to ask the Court to extend the deadline to complete the bankruptcy petition. If the Court grants your motion, you have a little more time, normally 30 days.
Short term effect:
If you file the credit counseling certificate, and file all the paperwork, bankruptcy acts as a temporary stay on the foreclosure process. If you filed a Chapter 7, your mortgage lenders will file a motion to lift the automatic stay and proceed with foreclosure proceedings. On filing a Chapter 13 case, you do not make monthly mortgage payments to your mortgage company and your mortgage lender ask for relief from the automatic stay and continue to foreclose on your home. If the Chapter 13 plan filed does not provide for your missed mortgage payments, your mortgage lenders file an objection to the confirmation of your case. If the objection is not resolved, your Chapter 13 case will not be confirmed, and your case will most likely be dismissed. After you overcome these obstacles, and your bankruptcy case is still in good standing, you now have some breathing room to try to obtain a permanent loan modification while you are in a Chapter 13 plan. It may be easier, since most of your debt will be taken care of in the Chapter 13 plan, but there are no guarantees that you will receive a loan modification. Be sure to keep copies and records of all communications and paperwork sent to the lenders to prove that you have indeed provided the information to them in the event the paperwork is claimed as lost or not received.
For more details about Utah county foreclosure, visit http://www.jlmartinlaw.com
