Are you past due on your mortgage? Are you concerned that foreclosure is coming in the near future?
Although you may have slipped behind on your payments, it doesn't necessarily mean you have to lose your home to the bank. There are many options to consider at this point, with a loan modification at the top of the list.
A loan modification is exactly what it sounds like. This allows you to negotiate new loan terms with the lender, thus allowing you to catch up on missed payments and stay current in the future.
If you are interested in a loan modification, you'll need to work closely with your lender. This is similar to when applying for a mortgage when buying a home. It's important that you provide honest and accurate information, as to give the lender a clear view of your financial situation.
In many cases, it's best to opt for a loan modification during the Chapter 13 bankruptcy process. This gives you the opportunity to modify your mortgage while reorganizing other debts.
At our law firm, we have helped many people save their home through the use of a loan modification. This isn't always the right solution, but it's one to consider if you're facing foreclosure and are unsure of what else to do.
Although there is a lot that goes into requesting and receiving a loan modification, when you take the right steps you can put yourself on the right track. This could be the one step you take that allows you to remain in your home indefinitely.