10 - July 23, 2010


Pelham~Windham News Pelham~Windham News


Piece of the Pie Maintaining Your


MODIFYING YOUR MORTGAGE? WHAT ARE YOUR OPTIONS?


This week’s article is about your options to modify your mortgage.


• Modifications In Bankruptcy: Under the current law, you cannot modify any secured loans (such as mortgages and car loans) in Chapter 7. Chapter 13 does allow modifications of secured loans, but will not allow modification of any mortgages that are secured by your home. So, the irony is that if you own a vacation home and you file Chapter 13, you can reduce the balance of the mortgage to the property’s “fair market value”, and you may be able to reduce the interest rate to a prevailing rate; however, if you live on that vacation property year-round, you cannot change the terms of the loan.


There was legislation pending in Congress a few months ago that would have allowed modification of home loans in Chapter 13. The legislation passed the House, but, unfortunately, failed to pass the Senate. So, for now, we cannot force home loan modifications in Chapter 13, or Chapter 7.


• Modifications Without Bankruptcy: Even though you cannot modify your home loan in a bankruptcy, you have options outside of bankruptcy. Since the foreclosure crisis, mortgage lenders have established “Loss Mitigation” departments. “Loss Mitigation” is a fancy way of saying that lenders want to work with you to “cut their losses”, even though they claim that they want a resolution that will benefit both sides; even so, at least Loss Mitigation departments allow you to explore modification and other options through one department. President Obama has also created a “Home Affordable” program, which has options for loan modifications and refinance. The “Home Affordable” program information is available at www.makinghomeaffordable.gov.


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Next week, we will talk in more detail about your mortgage modification and other options.


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Just keep in mind that this information is not a substitute for legal advice based on your specific situation. You can check out past articles on our website, www.dmdatlaw.com


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submitted by Tunde Horvath Corey Eyring is still spending a good portion of his summer vacation to raise money for the Jimmy Fund by selling raffle tickets. His team members of Windham U10 Gray have also joined in the raffle selling effort and are doing a great job. Thank you to all that have been supporting their efforts.


Donations can be made directly to his Jimmy Fund Website, www.tinyurl/ JimmyFundCorey, or to any other team member by navigating through that site. If you’d like to purchase raffle tickets, call 490-1799 for more information. One hundred percent of the money raised through the raffle goes to the Jimmy Fund/ Dana Farber Cancer Institute. The drawing will be held Saturday, July 31, and ticket holders do not need to be present to win. Take a chance at winning some great prizes while helping the Jimmy Fund. Corey has collected over 30 prizes from our very generous local merchants for the raffle.


A tremendous thank-you goes to all that


have contributed to the Website and the raffle. Your generous donations are truly appreciated.


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Corey Eyring and Camron Chrissis sell raffle tickets to raise money for the Jimmy Fund


Pelham Soccer Making Summer Strides


by Chris White The Pelham High School soccer program has been making steady


improvements in a summer league at Muldoon Park. During the summer league, Pelham’s players have had the opportunity to hone their skills, as well as work on playing together as a team. The team currently owns a 3-1-0 record in the league with wins over Peterborough (2-0), Spaulding (5-3), and Alvirne (4-2). The Pythons’ only loss came to Peterborough this past Tuesday. Over the past month, the Pythons have focused on improving


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as an overall unit. The Pythons featured a nice mix of veterans and younger players against Peterborough on Tuesday night, and team members will continue to get familiar with each other as the summer goes on. Practice will start in August, and the team is really looking to


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Pelham defender Peter Soonthornprapuet meets a Peterborough striker in last Tuesday’s action


turn the corner this fall. After an improved record last season, the Pythons are anticipating that their hard work this summer will translate into a winning record for the 2010 season.


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Sports Sports


Left: Ryan White controls the ball against Peterborough


Northeast Hurricanes Going to AAU Nationals


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Team from Salem just completed a successful 2010 season. Winning their division qualified them for a 16-team tournament playing against other division winners


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from all over New England. After going 3-0 in the tournament and then getting to the finals, the Hurricanes eventually placed second, losing to the Triple Play All Stars from Bolton, MA, 7-5. Being runner-ups qualifies the Hurricanes for the AAU Nationals in Sarasota, FL. The team is comprised of players from nearby towns.


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First row: Deven Baker (Salem), James Sullivan (Pelham), Cam Riley, Adam Dolan (Windham), Austin Brady, Tom Diskin. Second row: Coach Jay Riley, Mitch Dufton (Salem), Don Arsenault,


Dan Moynihan (Windham), Connor Donahue, Ethen Howland, Dan Spicer (Pelham), Tom Corey, Coach Mike Chambers, Craig Dufton


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