Loan Modifications

Saving Your Home Without Filing Bankruptcy

If you are behind on your mortgage payments, you may be considering filing bankruptcy to prevent home foreclosure. However, it makes sense to first consider a loan modification. A loan modification may allow you to save your home without having to file for bankruptcy.

We will counsel you about all of your debt relief options, including bankruptcy.

What Are Loan Modifications?

With record numbers of homes facing foreclosure, many lenders are willing to negotiate rather than attempt to sell a foreclosed home in a depressed real estate market.

There are several ways that loans may be modified. The following are some of the modifications our office can help to negotiate on your behalf:

• Changing the terms of your loan to make it more affordable
• Changing a home mortgage from an adjustable rate to a fixed rate
• Negotiating a forbearance agreement if you are unable to make payments for a period of time due to job loss or a medical condition
• Negotiating a short sale in which your lender will accept less than the amount owed on your mortgage as part of a sale

Chapter 13 Bankruptcy Options

If you do not qualify for a loan modification, Chapter 13 bankruptcy may be an option for you. Chapter 13 bankruptcy stops foreclosure and, under certain circumstances, allows you to restructure your debt into a payment plan that you can afford. This option is addressed further under the Chapter 13 tab at this site.