Unexpected things happen in life that impact your finances in a negative way. When the situation doesn’t improve quickly, it becomes difficult to keep up with payments on a house. Defaulting on mortgage payments is a step closer to losing your home. Foreclosure is designed to force the sale of your home. How much time you have before the bank starts a foreclosure lawsuit depends on a variety of factors. Don’t wait too long. There is a point at which a foreclosure cannot be stopped. As soon as you find yourself behind on your mortgage; ask Debt Advisors about how to do a mortgage modification.
If you’re in a desperate financial bind already, bankruptcy may do more for you, above and beyond saving your home. For example, if you’re still employed, but need to address other debts in addition to your mortgage, Chapter 13 Bankruptcy for restructuring may be just what you need. Ch.13 can stop the foreclosure process while allowing the time to reorganize and possibly even reduce many other debts. The new budget will not only save your home; it will also create an attractive repayment plan and budget you can stay on top of.
Navigating the complex world of bankruptcy and debt can be overwhelming, which is why seeking advice from experts like those at My Debt Advisors can be invaluable. For homeowners specifically looking to understand more about Chapter 13 and its role in mortgage modification, the Chapter 13 Mortgage Modification Mediation article provides a detailed breakdown. It’s equally important to be vigilant and informed about potential pitfalls in the debt management journey. Awareness about loan modification scams and understanding the red flags of foreclosure fraud can be crucial in making informed decisions. Leveraging these resources will ensure that you’re taking steps based on knowledge and expert guidance.
If your debt load is far too large for a repayment plan, and your mortgage is severely underwater, a Chapter 7 may be your best option. Through Ch. 7 bankruptcy, a mortgage may be discharged. What makes it different from a Ch.13 is that a Ch.7 allows a person to eliminate certain debts instead of reorganizing them. Even if a mortgage loan was not reorganized or eliminated during a previous bankruptcy, it may still be addressed afterwards. In any case, an attorney who is familiar with both mortgage modification and bankruptcy should review your situation as soon as possible.
You shouldn’t have to lose your home to foreclosure. A mortgage modification or otherwise known as a mortgage loan restructuring, can save your home. During the home loan modification process, a new legal contract is negotiated and agreed upon by both the lender and the borrower. The new contract could modify all or just key points of the current loan terms. The idea is to ensure your new monthly mortgage payment is affordable enough to continue making payments as well as stay in your home.
The number one reason that loan modification requests get denied is due to incomplete applications. An attorney at Debt Advisors is extremely familiar with the process, and will help prevent common mistakes. Our bankruptcy law firm is also familiar with foreclosure laws in Wisconsin. If you hire Debt Advisors, your attorney will represent you through the entire process including, contacting your mortgage company and working out the details of your case. For more specific information, especially if you’re in the Milwaukee area, feel free to visit our Milwaukee, WI office. Talk to us in your free consultation. The, you can retain us to represent your mortgage modification for as little as $100.