American Bankruptcy Institute

Loan Modifications

financial relief

Loan modifications are a great way 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 un-realistic picture of your financial situation. DON'T GIVE UP!

There is a new loan modification program that is available in Chapter 13 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). This program just started on April 1, 2013 and is modeled after the program being used in Orlando Bankruptcy Court for the past two years. Orlando's program has an 80% success rate! Everyone's situation is different and you may not get a loan modification through this program if you don't qualify – but the qualification process is based on true numbers – not the numbers on your credit report. Here's the difference:

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. A second mortgage will also be factored into the equation – even if you are not paying on it. But what if, we could get rid of the debt and maybe even the second mortgage? For some people, that will mean the difference between receiving a loan modification or not.

In the loan modification program that was just recently rolled out in Ft. Lauderdale bankruptcy court, there are two mediations and our Fort Lauderdale bankruptcy lawyers are working with the mediator to ensure that the correct numbers are being used and that you get a fair 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 isn't always necessary for obtaining 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.

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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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