Bankruptcy Means: 'This Is Serious'
Mortgage companies do not like to change the terms of a mortgage — as you may have found out if you have already asked your lender for a home loan modification. They may not believe that you really need a home loan modification with lower payments and lower interest.
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The biggest bill most people have every month is the home mortgage payment. Getting that expense under control can make an enormous difference to the family's finances — and mean the difference between keeping your home or going through foreclosure. Schedule a free consultation with a bankruptcy attorney to learn more about keeping your home.
- Lenders do not like home loan modifications. Why would offer lower interest rates and lower payments and perhaps a longer period of repayment? They may feel that you can continue to make the payments, so they do not have to negotiate.
- A bankruptcy filing may convince the lender. When the lender knows your situation is serious, that you really do not have enough money to pay your mortgage and other bills, the lender may be more willing to negotiate in order to stop the need for foreclosure.
- Many mortgages are in trouble because of predatory lending. Mortgage brokers gave loans to people who could not afford them, built in balloon payments that could not be met, and counted on increasing home values to bail themselves out of a bad deal. They created the problem — and they can make things right with a home loan modification.
- Even with modification, you may not be able to make payments. If the house is worth far less than you owe, you may be better off without the house and the mortgage. Your bankruptcy lawyer can explain your options and help you decide.
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Take control of the difficult financial situation you are in. A bankruptcy attorney can explain Chapter 7 bankruptcy and Chapter 13 bankruptcy. Your lawyer can also help you negotiate a home loan modification as a part of your bankruptcy. Contact us for a free consultation in the Phoenix area and throughout Arizona.
