Fwd: LMM (Phillips, M. & D.)



---------- Forwarded message ----------
From: Michael Phillips <*****@gmail.com>
Date: Tue, Jun 10, 2014 at 11:16 AM
Subject: Fwd: LMM (Phillips, M. & D.)
To: Donna Phillips <*****@gmail.com>


Hello Chris,

I am not sure if you are the one in your office to advise us on these questions, if not, please forward it to the correct person and let us know. 

We are in the early process of modifying our loan through the LMM process. TT from your office sent us a Trial Agreement Letter from our mortgage company yesterday. We have reviewed the monthly payments and they are acceptable to us but there are some questions that we have about the implications of accepting this offer. 


Questions:
  • General Questions:
    • Is this common for a mortgage company to make an offer before going to mediation?
    • If so, is the monthly amount they offer to the lendee typically as good as the offer will get? Given our financials, is this amount a good offer compared to what you have negotiated in the past for other clients?
  • Trial Agreement Questions:
    • Page 4 states: "client must make new monthly "trial period payments" in place of their normal monthly mortgage payments"
      • It is my understanding that they want us to make payments directly to the mortgage company via certified check. If we accept this agreement, will the bankruptcy payment plan be modified to remove the mortgage payment amount? 
    • Page 4 states: "After all trial payments are timely made and your client has submitted all the required documents, their mortgage would then be reviewed to be permanently modified (the existing loan and loan requirements remain in full force and effect and unchanged during the trial period).
      • This statement still leaves room for the mortgage company to decline a permanent modification even if all payments are made timely. 
      • If for some reason the mortgage company declines the permanent modification at the end of the 3 month trial period, can we pick up the LMM process and resume mediation?
    • Page 6 states: "An automated valuation was developed in connection with your client's application for loss mitigation. The property valuation provided to us electronically was $171,300.00. There is no available written documentation associated with this valuation."
      • This amount is different from their `Proof of Claim`document which was in the low 190`s. 
      • When clients have accepted these offers in the past, does the mortgage company modify to the valuation amount or the Proof of claim amount?
    • Do you see any other statements in this agreement that need to be addressed before accepting the mortgage companies offer?
  • Bankruptcy Questions:
    • If we accept this agreement will the bankruptcy payment plan be modified to remove the mortgage payment amount? (repeat question)
    • Are there any implications to the remainder of the bankruptcy if we accept this agreement?



---------- Forwarded message ----------
From: TT <*****@ombkc.com>
Date: Mon, Jun 9, 2014 at 3:05 PM
Subject: LMM (Phillips, M. & D.)
To: "*****@gmail.com" <*****@gmail.com>
Cc: Amanda Minnich <*****@ombkc.com>, Katherine Huynh <*****@ombkc.com>


Good Afternoon Mr. Phillips,

 

As per our phone conversation, please see the attached TPP Packet.  Thank you.

 

Sincerely,

Tjing-Tong Tse

Legal Assistant

Loss Mitigation Mediation Specialist

 

2001 Palm Beach Lakes Blvd.

Suite 410

West Palm Beach, FL 33409

 

P: (561) 689-6789

F: (561) 689-6767

IRS CIRCULAR 230 DISCLOSURE:

To ensure compliance with requirements imposed by the Internal Revenue Service, we inform you that any tax advice contained in this communication (including any attachments), was not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding any penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction matter.

 

ATTORNEY-CLIENT PRIVILEGED INFORMATION DISCLOSURE:

THE INFORMATION CONTAINED IN THIS TRANSMISSION IS ATTORNEY PRIVILEGED AND/OR CONFIDENTIAL INFORMATION INTENDED FOR THE USE OF THE INDIVIDUAL OR ENTITY NAMED ABOVE. IF THE READER OF THIS MESSAGE IS NOT THE INTENDED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT ANY DISSEMINATION, DISTRIBUTION OR COPYING OF THIS COMMUNICATION IS STRICTLY PROHIBITED. IF YOU HAVE RECEIVED THIS TRANSMISSION IN ERROR, PLEASE IMMEDIATELY NOTIFY ME BY TELEPHONE AND PERMANENTLY DELETE THE ORIGINAL AND ANY COPY OF THIS E-MAIL AND DESTROY ANY PRINTOUT THEREOF.

 



Trial Agreement PHILLIPS.pdf:





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