By Marie-Ann Greenberg, Chapter 13 Trustee District of New Jersey (Fairfield)
Having already discussed the ethical obligations of reviewing motions to approve loan modifications, we now move along to the impact that a loan modification has on a Ch. 13 case. Loan modifications clearly have a great impact on Ch. 13 cases from the perspective of all of the players, as well as impacting the case in terms of timing.
A loan modification can be incorporated as one of the terms of a proposed plan or order of confirmation. Some may deem this to be speculative. However . . .
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