Advice from a Mortgage Broker.

[Richard Kaufman]

This is a great board. I've been poking around for the last couple of days. You all seem very informed.

Over the years', I've helped hundreds of people in Pa. buyout early. I just thought I'd post some things I've learned.

When you or your attorney file your plan, If you have a "Cram Down" 2nd mortgage or the inequity in your home. Have your attorney stipulate in the plan that the lien will be voided no more than 60 days after conformation, not completion. I had three of these this month. Made it a lot easier.

I also have an attorney that will put in: a Debtors right to sell or refinance clause. This will save a lot of aggravation if you do decide to go this route.

Also, Keep copies and canceled checks of all post petition mortgage payments, and trustee payments. When you file your lender will stop reporting the pay history on your credit. when I request a 12 month history from them, it's usually wrong. (they suck). The new lender will except your copies.

Hope this helps.

[Minnymouth]

Welcome to the forum and thanks for your input for our members. Feel free to offer suggestions, though advertising is not allowed per forum rules. Any suggestions to help our members who are going through bankruptcy is more than welcome.

Yes, there's all kinds of "little things" that can be added to documents to help clarify and make them easier down the road - so to speak. The debtors right to sell or refinance clause is definitely a good one to have.

And I agree, keep receipts, before, during, and after bankruptcy regarding mortgage payments. Only proof you have that you made them and will be necessary in the future for refinancing.

Welcome aboard,

Minny
Forum Moderator

[Richard Kaufman]

Thank you,

I will do anything in my power too help any member. I promise I won't solicit.
My first customer was my own parents. I know what it can do to a household.

Rich