Will A Loan Modification Help You?
What do you do when you’re seriously behind on your mortgage loan? You know you’re at risk of losing your house to foreclosure, you’re feeling the pressure from the bank about those missed payments and you’re probably getting offers from various companies who claim they can work these things out with your lender so that you can stay in your home.
Don’t make things worse by jumping at a loan modification offer before discussing your situation with an experienced bankruptcy lawyer.
Do Loan Modifications Really Stop Foreclosure?
You would think it stands to reason that lowering your mortgage payments would help you get a handle on your debt. That is why the federal government set up a loan modification program in the fall of 2009, trying to keep homeowners from defaulting on their mortgages.
Unfortunately, many people who get a mortgage loan modification end up defaulting on their loans anyway. That’s why considering filing for bankruptcy, perhaps under Chapter 13, could be a preferable course of action. Discuss your case with our attorneys at Advanced Bankruptcy Legal Services of Connecticut and find out where you stand.
Who Will Really Help?
Of course, there are also plenty of companies who say they can work directly with your lender to revise the terms of your loan and keep you in your home. But beware: There are many fraudulent companies out there offering these services. And even when they are legitimate, services like these will not necessarily help you examine all your options, including bankruptcy.
Speak with our attorneys before you start the loan modification process. We can help you determine if bankruptcy may be the better solution. We serve the state of Connecticut. Call our New Britain office at 860-674-8003 or our Bloomfield office at 860-242-0574 or email us to schedule a free consultation.