Our most recent loan modification in a Chapter 13 provided a tremendous benefit for our client. Our client had accumulated over $86,000 of arrearage. Her husband was not able to work and needed round the clock medical attention. This client was a very nice warm person who had experienced very negative situations. It was such a thrill for a Queens bankruptcy attorney to get her a loan modification that reduces her mortgage payments by $816 per month and capitalizes her mortgage arrearage.
Additionally we stripped her second mortgage from her house leaving it subject only to the first mortgage. The second mortgage was for $99,000.
We applaud Judge Drain, J. P. Morgan Chase Bank, Shapiro DiCaro and Barak (the attorneys for the bank) and the trustee their efforts. This is how loss mitigation in Chapter 13 is supposed to work!
Contact Bronson Law Offices, P.C. today if you or a loved one are experiencing a Chapter 13 bankruptcy case.