Apply For Loan Modifications Through The NJ Bankruptcy Process

The NJ Bankruptcy Court’s Loss Mitigation Program began August 1, 2011.  It is still too early to tell how successful the NJ Bankruptcy Court program will be but the NY’s Loss Mitigation Program in Bankruptcy Court has been quite successful according to a colleague I spoke with in NY.  If you have been attempting to modify your loan and feel like you have been chasing your tail, maybe you should speak to a bankruptcy attorney.  Loss Mitigation Programs have now been introduced in NJ, NY, RI, and VT (VT’s program I here is somewhat limited).  I think the benefit to the program will be the ability for the Court to monitor the parties participation in the program.  If the mortgage company/lender agrees to participate in the program, there will be a Court Order that will require the mortgage company/lender to process the homeowner’s documents in a timely manner and provide the homeowner an answer as to whether a loan modification will be provided.  I am hopeful the mortgage companies/lenders will modify loans through this program but for many an answer one way the other on a loan modification application will be a refreshing change.  If you have received a modification through a Bankruptcy Loss Mitigation Program, I would love to hear from you.  If you live in NJ and would like to consider filing bankruptcy and applying for this program I would also love to hear from you.  Our economy desperately needs this program to be successful.

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