Divorce and Loan Modifications for Equitable Distribution of the Marital Residence. Nowadays, multiple homes have fell into foreclosure for a variety of reasons, parties have lost their jobs in the great recession and have been unable to pay their mortgage payments or the houses are underwater and the parties do not believe it is in their best interest to continue to make the mortgage payments. Either way, some parties are choosing to obtain a loan modification as an alternative to going into foreclosure or in an attempt to take the home out of foreclosure. Loan modifications can take many, many months at times, so the parties have to take that into account if the terms of the Property or Matrimonial Settlement Agreement incorporate obtaining a loan modification.
Mar 15, 2016 @ 05:54 PM — by Michael Green