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.

Mortgage Help Using Bankruptcy

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.

Mortgage Modification Process

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.

Hire a Bankruptcy Attorney for Mortgage Modification

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.

Learn about bankruptcy protections, types of bankruptcy, how to get started, what to expect, and who to trust. Filing bankruptcy is the ONLY way to completely eliminate debt. If bankruptcy is right for you, it offers powerful protections that cannot be achieved through alternative solutions such as hardship relief, loans, or debt settlement.

  • Exceptional service. The entire team was friendly and knowledgeable. The attorney took his time to walk me through step by step. I will recommend this law office to anyone!

    J Burks

  • I went through Debt Advisors as a referral by a friend. I am very happy I did so. The staff that I worked with were very helpful and showed a high level of professionalism. They were always able to answer any questions that I had. I was very happy with the attorney that I worked with, Michael Georg. Very professional.

    Terri Grote

  • Attorney Chad Schomburg and Debt Advisors helped me with my debt about three years ago. Chad explained the process to me and answered any questions I had, and the assistants compiled my documentation very efficiently while keeping my case moving forward. They were always available when I needed them, and even years later, I’m able to reach out to them, and they are willing to help. They have turned my life around 100%, and I could not have done it without them! Absolutely recommended!

    Tim Harris

  • They were there for my family from day 1 until the end, 5 years later (Ch. 13). Whenever I had questions or concerns they were always very responsive and gave me excellent advice. Michael and Jeremy are both exceptional bankruptcy attorneys. I highly recommend Debt Advisors.

    Steve

  • After I had to go on disability, I used my credit cards a lot more thinking I could pay them off when I was able to go back to work. That didn’t happen and I found myself so much worse off than I could handle. I went to Debt Advisors feeling terrible about what I had to do. Chad and everyone there were very understanding and put my mind at ease while taking such great care of me. They were there every step of the way and supported me when I was “freaking out”!! Every time I needed to contact them; their response time was amazing!! God forbid I ever need to go through this again, but I know where to turn if I need help! Debt Advisors are more than just filing bankruptcy on my behalf. They really care about what you are going through!! Thank you, Chad, Jeremy, Mike, and everyone at Debt Advisors!! I cannot tell you enough how much I appreciate all of you!! J Hammond

    Steve

  • After I had to go on disability, I used my credit cards a lot more thinking I could pay them off when I was able to go back to work. That didn’t happen and I found myself so much worse off than I could handle. I went to Debt Advisors feeling terrible about what I had to do. Chad and everyone there were very understanding and put my mind at ease while taking such great care of me. They were there every step of the way and supported me when I was “freaking out”!! Every time I needed to contact them; their response time was amazing!! God forbid I ever need to go through this again, but I know where to turn if I need help! Debt Advisors are more than just filing bankruptcy on my behalf. They really care about what you are going through!! Thank you, Chad, Jeremy, Mike, and everyone at Debt Advisors!! I cannot tell you enough how much I appreciate all of you!! J Hammond

    J Hammond

  • Chad Schomburg and his Staff did a phenomenal job for me and in an expeditious manner. I’ve recommend countless clients to Chad Schomburg, Wow!!! Outstanding customer service from the Schomburg office:)

    Lisa Williamson