Loan modifications offer a solution to keep your home — that is, if you can get the bank to agree to them. Unfortunately, banks often deny loan modifications because they look at an unrealistic picture of your financial situation. DON'T GIVE UP!
There is a loan modification program that is available in Bankruptcy that may help you keep your home even if you have been previously denied for a loan modification (depending on the reason you were denied).
When you send a loan modification to the bank outside of bankruptcy, the bank uses the debt that is on your credit report to compute your monthly debt. "But, I'm not paying on those credit cards" is what you may say. That may be true but you are still obligated on them and they will be factored into the equation. But what if, we could get rid of the debt? For some people, that will mean the difference between being approved for a loan modification or not.
The loan modification program affords additional checks and balances in the form of a mediation and the appointment of a mediator. The mediator is a neutral third-party attorney who monitors the process and serves as a facilitator of communication. The mediation conference is a meeting in which our bankruptcy lawyers work with the mediator and the bank to ensure that the correct numbers are reviewed and an accurate picture of your household situation is taken properly considered so that you get the best shot at a loan modification.How Do I Get A Loan Modification?
To pursue a home loan modification, you must file an application with the company that services your mortgage. Generally, you will have to show:
- Documented financial hardship
- A major change in financial circumstances, such as job loss or divorce
- You missed three or more mortgage payments
- You own and live in the property
- You made every effort to make your mortgage payments
Bankruptcy is not always necessary to obtain a loan modification. In some cases, however, you may have to pursue a modification in conjunction with bankruptcy in order to stay in your home.
Have You Been Denied A Modification? The Bankruptcy Loan Modification Program in Fort Lauderdale May Be Able To Help You Get A Loan Modification.
If you have been denied a loan modification because of excessive debt, we might be able to help you keep your home. Other options may be available to you. For example, if you choose to pursue Chapter 13 bankruptcy, you may be able to take advantage of the new mortgage loan modification program that offers homeowners a more realistic opportunity for obtaining a more affordable mortgage.
At the Bankruptcy Law Firm of Clare Casas, we are dedicated to helping clients attain a holistic approach to lasting financial health.
We understand how stressful it can be to face the potential loss of your home. Our lawyers provide caring and compassionate counsel for those facing financial difficulties.Contact Our Mortgage Modification Attorney Serving Coral Springs And Surrounding Areas
To learn more about how we can assist you in achieving financial health and stability, contact our loan modification attorney in Fort Lauderdale, Florida, at 954-327-5700 or contact us online. Initial consultations are free. We offer reasonable fees and flexible payment plans; we believe money should not be a barrier to obtaining legal counsel. For your convenience, we are open evenings and Saturdays.Se habla español.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.