New Federal Loan Modification Rules To Now Work With Chapter 13 Bankruptcy Laws

Borrowers in an active Chapter 7 or Chapter 13 bankruptcy case are eligible for HAMP consideration. In addition, if you are in a HAMP trial period plan and subsequently file bankruptcy, you may not be denied a HAMP modification due to the bankruptcy filing.

The new rules deal with a myriad of variations on these timelines. The theme in the rules is consistent: federal law requires a decision on a loan modification application before the foreclosure train chugs down that track. If the servicer breaks the rules. The new rules have teeth.

Now she was 32, herself the mother of a teenager , and she was. Under federal bankruptcy law, people overwhelmed by debt have a. In 2015, about half of the black debtors who filed under Chapter 13 in. room to work out a loan modification with the mortgage servicer and drop the case voluntarily.

Chapter 13 also has a special provision that protects third parties who are liable with the debtor on "consumer debts." This provision may protect co-signers. Finally, chapter 13 acts like a consolidation loan under which the individual makes the plan payments to a chapter 13 trustee who then distributes payments to creditors.

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FHA rules allow a lender to consider approving an FHA loan application from a borrower who is still paying on a Chapter 13 Bankruptcy-but only if those payments have been made and verified for a period of at least one year. The borrower isn’t automatically able to apply for a new FHA loan if they meet this requirement–the court trustee’s written approval is a condition of the policy.

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THE NEW BANKRUPTCY LAW will prohibit some filers with higher incomes from using Chapter 7, who will instead have to repay at least some of their debt under Chapter 13.. UNDER THE OLD RULES, most people could choose the type of bankruptcy that seemed best for them (the majority would choose CHAPTER 7 over CHAPTER 13.)

We’ve had a number of reader questions in our comments section recently asking about scenarios for loan approval that involve bankruptcy and related issues. Can a borrower get a new FHA loan following a bankruptcy? Under what conditions? fha loan rules in HUD 4000.1 address this issue with separate entries for Chapter 7 and Chapter 13.

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