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Effective today, August 12, 2010, the U.S. Treasury's Supplemental Order to the Home Affordable Modification Program (HAMP), has MANDATED new provisions to the mortgage modification guidelines under Chapter 13 Bankruptcy. Under the new provisions, homeowners in Chapter 13 are required to be considered for HAMP upon request. The chapter 13 plan may provide for modified payments at 31% of gross income, thus allowing Chapter 13 debtors a means to reduce their mortgage payment to an affordable level. The new rules make a number of other procedural changes to benefit homeowners in bankruptcy.
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