I’m pleased to announce the soon-to-be published consumer bankruptcy manual: Chapter 13 in 13 Chapters. The manual is available exclusively through the American Bankruptcy Institute. Pre-publication orders are being accepted now.
This manual provides a comprehensive overview of the chapter 13 process from the perspective of both debtors and creditors. Everything from filing preparation and debtor education to the role of the chapter 13 trustee to the discharge of debts is covered, as well as things to consider before a case is converted and when to modify the terms of a payment plan. Written by William J. McLeod and edited by M. Regina Thomas (McCalla Raymer, LLC, Atlanta, GA), the manual provides sage advice for the chapter 13 attorney regarding the timing of the debtor’s tax filings, anticipating and addressing a debtor’s change in circumstances post-confirmation, enforcing the debtor’s rights against a creditor’s collection activity, and post-discharge actions. Heavily peppered with case citations and key excerpts from relevant sections of the Bankruptcy Code, Chapter 13 in 13 Chapters is the essential reference guide that chapter 13 attorneys should have at their fingertips to assist in their practice and to share with clients to help explain the bankruptcy process.
To pre-order, please click here.
Lessons in Loan Modifications
Suze Orman is growing on me. Sort of. She often has sage advice for consumers, and lately she has been making regular appearances on CNN’s Larry King Live. I cannot say I completely agree with everything she says, but lately, she has been telling it like it is and when it comes to financial news and advice, it’s refreshing to see some honestly on TV. I have her suggest to consumers that if they are having problems with their mortgage, they should contact their lender (i.e., the workout or the loss mitigation department). A client recently told me he did just that, after hearing Orman suggest it sometime last year. He was falling behind on his mortgage, and decided to walk into his local bank to talk to them. It did not go quite the way he planned.
At the time, the client was not residing in Massachusetts, and his lender was a local bank. He sat down with the manager and explained his situation. Instead of extending an accommodation, or working with the client to help him keep his home, the manager basically said this: “sorry, but we have a lot of loans going delinquent and we need to cut our losses, so we’re going to start the foreclosure process now.” And so they did. The bank pretty much put the house into an accelerated foreclosure process.
Yikes.
That’s lesson number one: don’t go telling your lender that you’re having problems paying your mortgage unless you have some reasonable expectation as to what the response will be.
(more…)
Tags: American Bankruptcy Institute, Commentary - Legal, Modifications and Workouts, Mortgages and Foreclosures, Suze Orman
Posted in Consumer Rights, Debt Settlement or Consolidation | No Comments »