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Ray, Lawyer
Category: Legal
Satisfied Customers: 41602
Experience:  30 years in civil, probate, real estate, elder law
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Is there a Chapter 13 Mortgage Modification Mediation

Customer Question

Is there a Chapter 13 Mortgage Modification Mediation Program in New York State?
Submitted: 1 year ago.
Category: Legal
Expert:  Ray replied 1 year ago.

Hi and welcome to JA. Ray here to help you today.

Yes you can you would have buyer pay off the loan through title company.They hold buyers funds,yer will pay off the loan, get a release, and then the deed is filed.You will need to see if buyer will pay the closing costs or you decide to split them.

But it is certainly possible for you to sell it on these terms.Title company can prepare a sales contract, hold funds, prepare the release and closing documents.This is a good way to resolve it.Any liens here would need to be cleared by the buyer in order to have clear title.

I appreciate the chance to help you today.

Expert:  Ray replied 1 year ago.

I am sorry this was a site error, please disregard others will respond, please do not rate here.Stand by.

Expert:  Ray replied 1 year ago.

I wanted to make sure that you were helped and got the answer to your questions.

I appreciate your patience and here is your answer.

Yes they do offer such programs.

Both the SDNY (Southern District New York), and the EDNY (Eastern District New York) offer foreclosure prevention programs designed to help a debtor filing bankruptcy avoid foreclosure by working with the creditor on some type of alternative plan. Because these programs are mandated by the bankruptcy court the lender is forced to work with your attorney on a solution. You are not guaranteed a mortgage modification, but the lender cannot drag their feet or delay the process as has been shown to happen with the modification programs being offered outside of the bankruptcy courts.

Contact the court clerk where you filed here and ask to sign up for this program and hopefully it will allow you to resolve your situation with lender.

I appreciate the chance to help you today.I do appreciate your patience.Please let me know if you have more follow up.Again thanks.

Expert:  Ray replied 1 year ago.

You are so welcome.I wish you the best here.

If you can 5 star rate it is much appreciated.