The New Jersey Bankruptcy Court recently developed a
program to oversee the loan modification process while someone is in
bankruptcy. The purpose of this program is to set out a time frame
and structure to make mortgage loan modifications more feasible and
the process friendlier.
Through the bankruptcy court, the program:
(1) requires the mortgage company to designate a single contact
person to handle the account;
(2) sets out a timetable for the exchange of documents;
(3) sets a deadline for the mortgage company to respond to the
(4) allows either side to request a court hearing if procedures are
If you, a friend or a family member are having problems
with a home mortgage and have been frustrated by your mortgage
company’s failure to deal fairly with the problem, this may provide
an alternative that creates a more level playing field.
Please feel free to contact our office for a free
consultation or refer a friend or family member to our office who is
having a similar problem.