motion to approve loan mod

2

ANDREW E. SMYTH, ESQ.Attorney at LawState Bar No. 60030

3 4929 Wilshire Boulevard, Suite 605Los Angeles, California 90010

4 Telephone: (323) 933-8401

5Attorneys for Debtors

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11 In re:

UNITED STATES BANKRUPTCY COURT

CENTRAL DISTRICT OF CALIFORNIA

CHAPTER 13BK. LA08-21855VK

12 DESIREE L. RANCHARAN,

Date: November 25, 2009Time: 11 :30 a.m.Place: Courtroom 1675255 EastTemple StreetLos Angeles, CA 90012

NOTICE OF MOTION; MOTION FOR ANORDER APPROVING A LOANMODIFICATION AGREEMENT WITHBANK OF AMERICA

Debtor(s).13

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22 TO: ALL INTERESTED PARTIES AND THEIR ATTORNEYS

23 PLEASE TAKE NOTICE that on the above date and time and in the

24 courtroom referenced above, debtor will move this court for an order approving a loan2526

modification agreement with Bank of America.

27 III

28 III

Case 2:08-bk-21855-VK Doc 55 Filed 10/09/09 Entered 10/09/09 09:53:21 Desc Main Document of 10

MOTION FOR AN ORDER APPROVING LOAN

This motion is based on the attached declaration of Desiree L. Rancharan

indicating that Bank of America wants such court approval to modify this loan.

a modification of the loan from Bank of America now secured by a trust deed on

\...(,f\fr'-A arew E. Smyth

Attorneys for Debtor

SMYTH LAW OFFICE

Respectfully submitted,

By:

MODIFICATION AGREEMENT WITH BANK OF AMERICA

Debtor Desiree L. Rancharan hereby moves this court for an order approving

debut's home.

DATED:

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DECLARATION OF DESIREE L. RANCHARAN

2 IN SUPPORT OF MOTION FOR APPROVAL OF LOAN MODIFICATION

3 WITH BANK OF AMERICA

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I, Desiree L. Rancharan hereby declare under penalty of perjury that the

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STATE OF CALIFORNIA

COUNTY OF LOS ANGELES

)) ss:)

following is true and I have personal knowledge of each fact stated in this9

10 declaration.

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1). I am the Debtor in the above entitled Chapter 13 filed on August 2, 2008

and was confirmed on March 18,2009, Case No. LA08-21855-

2). I have been approved for a loan modification from Bank of America---copy

attached as exhibit A. This modification lowers from 8.45% to 2% and lowers my

payment to $1697.22 per month and with insurance and tax added the payment will

17 be $2357.23. My loan would have gone up to $3500 this October without the

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modification. Also the missed payments will be put at the end of the loan. These

changes will make it possible for me to keep my house. I had been falling behind on

Chapter 13 plan payments and now have a motion by the Trustee to dismiss.

Because of this modification I can become current on payments to the Chapter 13

23 Trustee in two or three months.

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253). Bank of America Wants me to get Court approval of this modification before

26 they sign it. That is why I am bringing this motion.

27 4). If called upon to testify as to the foregoing, I could and would so

28 competently do so.

Wyngate #7

NAME OF DOCUMENT


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222324

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Executed this 5th day of October 2009, at Los Angeles, CA 90010

r· 7~z.<" ~~>"-7 ~,

-[Jesiree Ranac~ nDeclarant

Wyngate #7 2

NAME OF DOCUMENT


C Home Lo~ns SeIVieing, LP

1'1Home Retention Div~ion: CA6·919-01-43OCountrywideW~yoi V~lIey, CA93065

':SIREE RAl"CHARAN

1\YNE ROWLANDHW66thSt

t$1\n~tJQ' CA 9(1047

[MPORTANT MESSAGE ABOUT YOUR lOAN

Seplemi'H:rJO,2()()Q

RE BA21~ 112068628"r'lJflC,ty 19JIWE.ST66TIISTREETAddlU5 LOSAI'GF.I..F.S,CA 90047

We arc plca~ed to nd,io;cyou Ihnt your luan modification has been approvf'd In order for the modific.1lion to be valid, theendllsed dll~umcn(s nced to be sigllcd, r1otanzed, and returned with lhe rcquested certified funds,

The followillg aUl(lllrltSwill be added to your clirrent principlll halanee, rC~1l1tingin a modified principal halanee nf$4 )(1,(,2\1,60priorlo)'ourrlr~tpaymentdate, The amount adJed to)'our IOllnis:

Interest:

FeesEscrow:Total:

$58,073,79$22'-47ilO'H9,91$79,229.17

Your new modified monlhly payment will he $2,JS7 23, eITe<:th'ewith )'nUTl1ecemher 1,2009 paymenL This •.••'ymenl is SUh)CCIIOChllngClfyourest.rowllccount is Teanal)"ed or if you have IISlep raleoT adJuSlahleraleloonl)'[)C

A breakdown uf your pil)1T>entis as follows

Principal and [nlerestIO.scrow/ Option m~TOlal P"ymenl

\\'111\1 \'OUSIIOULDDO

$1,(l'n.22

"""0'S2,J57.2J

$0,00~O.OUSOOO

$1,433.1650.00

S20900SO.OO

''''00SO 00"'00

(SI.702.16)SO.OO

The following :l1110Ilnlmllsllx paid in C'ER" t~IEJ) "UNDS in order for the modificlllion 10betome effeclive:

MmlificallullFeeTillcam.l Rccot(tll\gFcesDClinquentl!scrow'ForcclOSureFce5'Ih.nkrupteyFee~·Fldd Inspcctlon Fees:OumandingLalcChargesNSF/Mlsc,FeesDelinquenl Mortguge raymenl(s):Mo(lIfied Mortgage I'''ymenl($):Paniat I'a)mcnt·Tot,,1 Amount Due"

TIIis offer is contingent on lhe follo'Wltl&

• Copy of }our mosl recent SUPPlJrtlnglncome receipts (pay stubs), If you file self-employed, plense Include the last 2 quancls of YOIIrProfit llfIdI.oss Statelllents (PL Slalements), If you have recently secured ncw emplnymcnl, please include a ICfferfr(lm your cmployer~enf)Ulgnetandgr0S5income. P1C3.'iCdonol'iCndofiginal~

, A Icnder's tille insurnnce Jlolicy or endursemenL •••.Iuch insures the Modified Mortga~e RSa valid lien in :lccoro:uu:e w.th ourn:qUlrements. Iry"u have WI)'Olher encumbrnnces 00 the property, then you mllYIx: required 10obtam agrecmCnl~ by ""lIch O!hersecured credilors subordillatc thclr mtcrcst lothc Modified Mortgage

This offer is contlngcnt upon RAe Ilome l,mlllS Servicing. LP reeeivtng rc\icffrom lhe 1\1I1omRlicSt.'y fur any bankruptcy In whkh thepropelt) referred to in thc f.nan Modific;ltiun Al:rcclllcnl is Included at the IImc nflhe modificallon.

Jrao)' issucsnrisebetween lhed:llenflhisc"TlIInitrncntalld tbcdalcoll whichallofthClcrmsandcooditionsofthls1cltcr~rcfioali7ed.Illeludlllg, bill n(')llilllited 10,deleriorall(Jl\ in the condition of tile property, l~wsuilS, licn,~,addililln~l expcnses and defaulted amount, then wemRytermlnate this offer lind purlueall collection action, [ncludingforeclosurc.

EXHIBIT "A"


This ICller docs !II)\ SlOp, waivc or PMtllOIlC thc Collcclil.'n a~ti()os, or tredit rerorting attlon~ we h~ve l~ken or colllcllll'l,"t laking ogainst you

ann rhe property. 111the evcllilhal you do nol 01 c:mnot fulfill ALL of the term' Anr\ tOndlliollsoftilis letter n" liller than Octuber 10, 200'J,

we wilt contllllle our colleclion~ aclions wlthoul giving you addilional noticc~ or rc"flOn'\C periods.

l"hc following documents ha~e been I:Iltloscd

\lodifieJlion Altrccmcnl

"'USI be SIJ:ncd In the prescote of a Notmy The notal)' acknowledgmenl mU~1 he in rcoonbble form, All J"an",,~ who own an inte~sl in lhe

pruperly mu,t ,iAn lhe modlticallon agreement a.~ their nllille alllx:ars

("~lIfnrnlli AIII'urpon AtknuwledgmentThiS document will only he used lflbe loan 1lI000lilicalion agreemenl is tieing excculcd in the state ofClllifomia. It will he utihzm by II nolary of

lhe Slate of California in plaLe of the nolary ~etion conL,ined in the Loan Modificalmn Agreement.

The follollling documents m;ay have been included if applicable to your Ioart'

r.~'Op{iDn l ..••u I)IKlo.~ure

Iil"ll plll1ic.~ \\hoown an lnlerC5lm {he pruperty must ~Ign (he P~yOplioll Loan DisclosUTC a~ theIr name appears.

HllllkruptC)'Di .•c1osure

All pilI1le~ "bo own nn interest in the property must sign the Oankrutpey Ulselo,ure a.~ thdr n~me appears

Vleue return allll( the enclnsetl dlleulllenlS 10 lIS in the encluseLl pre_IIHld n:1) t:X fllvtlOlle no liter thltll Oclohtr 10,2009 tos:clher

with II cerlified check or mVllcy urdu ( •••.ilh IUlln oumhu on llle check) in the IImOllnt orSO.OO 10 the rullowins: llddrtu:

O ••••C Home Loans SeH·icing. LP

Ann I-lome Retention Division: CA6-919.()1·4J

400Cnunlf)'v.';de Way

Simi Valley. CA'J30(i5

TIlA1"K YOU FOR YOUR UUSINt:SS

1I00'E neparlment


oan it 112068628··---·· •••••••••--··--------········ •••••••··-FOR INTERNAL USEONLY--- ••_ __ .. _

LOAN IODIFICATIO' AGIU:EMENT(Fixed Interest R"lc-Recorded)

This loan Modlficabon Agreement ("Agreement"). made this 30th day of September 2009, between WAYNE ROWlAND,DESIREE RANCHARAN and BAC Home loans Servicing, lP (lender), amends and supplements (1) the Mortgage, Deedof Trust, or Deed to Secure Debt (the Security Instrument), dated the 23rd day of August 2005 and in the amount of5332,800.00 and recorded on the 2nd day of September 2005 in Book No. None, Page No None as Document No 052124151 in the OffiCial Records of lOS ANGelES County, in the State of CALIFORNIA, and (2) the Note bearing thesame date as, and secured by, the Secunty Instrument. which covers the real and personal property described in theSecurity Instrument and defined therein as in the 'Property', located at 1931 WEST 66TH STR[ET, lOS ANGELES, CA90047

Please See Attached Exhibit (A)

In consideration of the mutual promises and agreements exchanged, the parties hereto agree as follows(notwithstanding anything to the contrary contained in the Note or Security Instrument):

t As of the 1st day of December 2009. the amount payable under the Note or Security Instrument (the "Unpaid PrincipalBalance") IS U.S. $410,629 60 conslstmg of the amount{s) loaned to the Borrower by the lender which may Include, <Ire notlimited to, any past due prinCipal payments, interest, lees andlor costs caprtalized to date

Z The Borrower promises to pay the Unpaid Principal Balance, plus mteresl, to the order of the lender, Interesl will becharged on the Unpaid Principal Balance at the yearly rale of 2 000% from the 1st day of November 2009. The BorrowerpromIses to make monthly payments of principal and interest of US. $1,697.22 beginning on the 1st day of December2009, and continuing thereafter on the same day of each succeeding month until principal and interest are paid In full II onthe 1st day of September 2035 (the ~Malurity Date~), the Borrower still owes amounts under the Note and SecurityInstrument. as amended by this Agreement, the Borrower Will pay these aroounts in fun on the MatUrity Date.

3 The Borrower will make such payments at 400 Countrywide Way, Simi Valley, CA 93065 or at such other place as thelender may require.

4 Nothing in thiS agreement shall be understood or construed to be a satisfaction or release in whole or In pan of the Nole andSecurity Instrument. Except as otherwise specifically prOVided in thiS Agreement, the Note and Securrty Instrument willrem<lin unchanged, and the Borrower and lender wiil be bound by, and comply with, aU terms and provisions thereof. asamended by this Agreement.

5 In conSideration of this Modification, Borrower agrees that if any document related to the Security Instrument, Nole and/orModification is lost, misplaced, misstated. inaccurately renecls the true and correct terms and condlhons of the loan asmodified, or IS otherwise miSSing. Borrower(s) Will comply With lender's request to execute, acknowledge. initial and deliverto lender any documentation lender deems necessary If the onglnal promissory note is replaced Ihe lender herebyindemnifies the Borrower(s) against any loss associated With a demand on the onglnal note All documents lender requestsof Borrower{s) shall be referred 10 as Documents Borrower agrees to deliver the Documents Within ten (10) days afterreceIpt by Borrower(s) of a wfltlen request for such replacement

As eVidenced by their sIgnatures below. the Borrower and the lender agree to the foregoing

WAYNE ROWlAND

DESIREE RANCHARAN

STATE OF

COUNTY OF

Dated

Dated


)(SIREE RANCflARAN

~"A YNE ROWLAND

IQJ1W66thSI

..osA/lgcln CA 9Ol'l41

Scptcrnhc, JO.2009

RE BAllo

Propcny 1911 WEST 66TH STRFFT

Add~~~ LOS ANGELf..<;. CA 911()41

RATE CHANGE NOTICE

IIMPORTANT MESSAGE ABOUT YOUR lOAN

Your loan has been converted from an Adjustable Rate Mortgage (ARM) Into fbeedrate mortgagt!

HOW WE CALCULATE YOUR NEW MONTHLY PAYMFNT

Step 1: Your new Interest r<lte:

Current

Interest Rilte 114SO%

Step 2: Delermine new Payment amouot

Your new montHy interest rate and payment are fi•..ed as shown below:

New Il'Ilerest Rate

AntldpatedPnncipal Balance 1

Remi\lnIOoTerm

New Pnndpal and Inter1!St payment

New Payment Effective

'.000%

$410,629.60,..$1,697.22

12/1/2009

If you have an escruw i1ccount. this notke does not address any changes to your escrow payment. Pleaserefer to yoor monthly statement fOi information regarding your OJrrcnt escrow Pilyrnent

Pleau he :llh'ised, this leiter is null and void if Ihe properly signet! :md ucculcu ModificationDoculIlcnts llrc !lot returncd hy October 10, 2U09.

1 AIllIl:lp,lttdprlndDaINl;,ncebtho!ulllJ;J!d Pftnclp.1! that you Me c:lfl)eQoo toO<"e;,\ the P"VmentChlr.ge Dltt. and IsCilculited N~on the HSLmDtlonth.1 PI1ndpal~nd lntClest ~ wllbe ,emttttdon paymentsdL'e lriOr tolhe newIlIV'TIente1lcctlvel'lale

You all' • vlJll~d Ctdlrrne.:al RAC 11"0"" !,n.'~ ""''''~lnl:. LV :and 11i~our oonllnued goal In ",n•.,1k ~ou ",,,h lh~ h;~hnllc"el of", •• loon",s"osf;K:I1OR

IIESIHH ItANCIIAIl.AN

BAC Home Loans Servicing, LP


PROOF OF SERVICE C.C.P - §1013a. 2015.5

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STATE OF CALIFORNIA

COUNTY OF LOS ANGELES

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5 I am employed in the County of Los Angeles, State of California. I am over theage of 18 and not a party to the within action; my business address is 4929 WilshireBoulevard, Suite 605, Los Angeles, CA 90010.

On octobeM ,2009, I served the foregoing document described as NOTICEOF MOTION; MOTI0N FOR AN ORDER APPROVING A LOAN MODIFICATION

9 AGREEMENT WITH BANK OF AMERICA in this action:[ X ] By placing true copies thereof enclosed in sealed envelopes, addressed as

stated on the attached mailing list.By placing [ ] the original [ 1 a true copy thereof enclosed in sealedenvelopes, addressed as follows:

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SEE ATTACHED SERVICE LIST.

I declare that I am employed in the office of a member of the barof this court at whose direction the service was made.

'YJ !d~'~r1 1 <

l.f '-I

I declare under penalty of perjury under the laws of the State ofCalifornia that the above is true and correct.

(Federal)

(State)

GLORIA MARSHALL[Type or Print Name}

[X] By Mail[ ] I deposited such envelope in the mail at Los Angeles, California. The

envelope was mailed with postage thereon fully prepaid.[ X ] As follows: I am "readily familiar" with the firm's practice of collection and

processing correspondence for mailing. Under that practice, it would bedeposited with the U.S. Postal Service on that same day with postage thereonfully prepaid at Los Angeles, California, in the ordinary course of business. Iam aware that on motion of the party served, service is presumed invalid if thepostal cancellation date or postage meter date is more than one day after dateof deposit for ma'ling in affidavit.

Executed on October .:t,2009, at Los Angeles, California.

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SERVICE LIST

2 In re: Desiree L. Rancharan3 Bk. No. LA08-21855VZ

CHAPTER134

5Debtors

6 Desiree L. Rancharan1931 W. 66th Street

7 Los Angeles, CA 90047

8Attorney for Debtors

9 Andrew E. Smyth, Esq.SMYTH LAW OFFICES

10 4929 Wilshire BI., Ste. 605


12 Nancy Curry

13Chapter 13 Trustee606 S. Olive St., Ste. 1850


15 Office of the U.S. Trustee

16725 S. Figueroa St., 26th FloorLos Angeles, CA 90017

17Citi Financial

18 21115 Hawthorne BI.

19 Torrance, CA

20 CountrywideP. O. Box 10219

21 Van Nuys, CA 91410-0219

22Bank of America

23 BAC Home Loans Servicing, LPAttn.: Home Retention Division: CA6-919-01-43

24 400Cuntrywide Way

25 Simi Valley, CA 93065

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