When you can’t make your house payment you
become scared that the lender will foreclose, leaving you and your family without
a place to call home. But if your money is too tight to keep up with all of
your bills there are things you can do to stay in your house. One option is to
file for bankruptcy, to reduce or eliminate some of your debt. A Chapter 7 case
will eliminate all of your high interest rate unsecured credit card debt (and
other unsecured debt), so you keep more of your money each month and can pay
your other bills. A Chapter 13 will reduce what you owe, allowing you to pay
one lump sum payment each month to the Chapter 13 Trustee, for disbursement to
your creditors. But if you are not sure about the need to file bankruptcy, you
can still work to save your house.
Many times your current mortgage lender
will negotiate with you to modify the loan. A mortgage loan modification can
result in lower payments because the loan will be rewritten to a lower rate,
which lowers your payments. But sometimes the mortgage lender makes a
modification offer that still does not make it possible for you to keep up with
what is due. So you may be wondering if you have to accept your mortgage
lender’s modification offer? The answer is no; you do not have to accept the
offer. What you can do instead is:
•
Refinance with a new
lender, and pay off your existing mortgage in its entirety so you no longer
have to deal with your current lender.
•
Negotiate a different
modification term.
We can help you with both of these
options, and can even let you know how bankruptcy might be the answer even if it was not on your mind. We have
extensive experience negotiating with mortgage lenders, and handle all of the
documents for you so you don’t have to worry about whether your application was
sent on time or whether it has been received. We know that most mortgage
lenders have a tendency to drag their feet when reviewing a modification
request, so we keep on top of them and make them act quickly to get you the
answers you need.
For more information about
mortgage loan modifications, call us today or reach us online at www.law-ri.com.
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