Loss Mitigation
NEW JERSEY BANKRUPTCY LOSS MITIGATION PROGRAM
  •  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 request; and
    (4) allows either side to request a court hearing if procedures are not followed.
     

  •  This New Jersey Law Journal article describes the program.  Click here for article
     
  •  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.

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