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Anti-Modification Rule

1. Anti-Modification Rule Relating to Loans on a Homeowner’s Principal Residence.

As a general rule, a Bankruptcy Court may not approve a bankruptcy plan filed in a Chapter 13 case that modifies the terms of a mortgage loan on the homeowner’s principal residence. This is known as the “anti-modification rule.” Examples of forbidden loan modifications are plan provisions that attempt to do any of the following:

a. writing down the principal balance due on the loan;

b. lowering the interest rate specified in the loan documents;

c. lowering the monthly mortgage payment amount; or

d. lengthening the term of the loan or increasing the number of monthly loan payments specified in the loan documents.

All of these types of loan modifications are permitted for mortgages, liens, and other encumbrances asserted on rental, investment or real property that is not used as the homeowner’s principal residence. However, as a general rule, mortgages for a homeowner’s principal residence can not be changed as a part of the bankruptcy process.

If your are in default on your home loan, or have problems paying your home mortgage or other debts, call the Weber Law Firm for a free confidential consultation to discuss your options.

2. Exceptions to the Anti-Modification Rule – Generally

3. Curing Past Due Payments While Maintaining Future Mortgage Payments (Cure & Maintain)

4. Lien Stripping a Second Mortgage or Other Junior Lien Asserted Against a Residence

5. Early Maturing Loans (Loans that Mature within 5 Years)

6. Mobile Homes

7. Loans Secured by Additional Collateral

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