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Loan Modification |
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Forbearance Agreement |
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Redemptions |
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Repayment Plan |
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Bankruptcy |
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| Loan Modification |
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This is most likely the best option with your home loan when facing hardship. There should be minimal damage to your credit history and keep you in your home with a permanent change in your mortgage loan terms. Modifications vary and we do not recommend you try it on your own. We forensic audit you loan mortgage loan note and disclosures as a part of our process. We will determine if a violation of your rights were committed in your loan documents. We use any violations to your advantage and negotiate the best possible terms for you.
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Example: Deferring your past due amount to the end of the loan, reduce the interest rate and payment to a lower fixed rate, reduce your principal balance and lengthen your loan terms for a longer term. These adjustments to yr new loan modification will attain a lower monthly payment you can manage. However, modifying your home loan is not as easy as it sounds, especially attempting to mange it on your own. Contacting, communicating and working with the proper individuals with in your Lender's organization can be frustrating and simply inefficient. We are seasoned a law firm experienced with a history of loan modification successes. Banks do not want to foreclose on your property. They would rather continue collecting your money than take over your property, especially with the current high volume of foreclosures nationwide.
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| Forbearance Agreement |
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This is an agreement where the lender allows the missed payments, late charges, penalties to be paid at the end of the loan.
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| Redemption Agreement
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Redemption is a statutory right in many states where homeowner can pay all amounts owing on loan and repurchase the property. This may not be practical for many homeowners.
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| Repayment Plans |
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A common way of resolving a loan default is a plan (Repayment Plan) which will allows you repay part of the delinquency each month, along with you regular monthly installment.
Other Avenues which allow you to get out of the home without Foreclosure and minimize personal credit damage:
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Short Sale Payoff settlement |
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We deal with all lender negotiations, all lender communication. We will attempt to achieve push out sale dates as necessary and negotiation of accepted short sale closing payoffs.
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Deed-in-lieu of Foreclosure |
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An agreement where you agree to return the property to the lender and the lender agrees not to foreclose on the property. We would review such an agreement to ensure that it leaves you with no further liability to the lender, for example for any shortfall the lender may suffer when the property is finally sold.
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| Bankruptcy |
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It is a final alternative to stay in your house longer. This may or may not save your house.
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There are two basic bankruptcies available: chapter 7 and chapter 13. A major chapter 7 benefit is it allows you to discard unsecured debt, credit cards, medical bills and unsecured loans. Under the exemptions allowed by law (federal and/or state) certain personal properties are acceptable to keep. The properties exempt will differ from state to state. The law allows you to keep a car, home, clothing, furniture, household appliances, certain items such as tools of your livelihood. Each State has limits of value or dollar amount.
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Chapter 7 bankruptcy under the right circumstances may be advantageous. Chapter 13 is advantageous to protect "un-exempt property." A chapter 13 bankruptcy allows you pay a portion of your income to a trustee established by the Federal bankruptcy Court for disbursement to creditors. A repayment plan is established to follow. This may be advantageous when you are behind on taxes, mortgage payments, or a car loan. Chapter 13 will be established by the Court/Trustee for three to five years. It will allow you to reduce you debt at the same time. The monthly payment period allows you to make one simple payment according to the budget established by the Court per you annual income. Part of your monthly income will be for living expenses and necessities: food, medical, mortgage, and clothing, |
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Unsecured debts must that exceed $250,000 may qualify for a plan under chapter 11. Chapter 11 bankruptcies may be a bit more complicated and are designed to protect those consumers with more assets and businesses at stake. |
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What does Bankruptcy mean?
Bankruptcy is the absolute last resort in the process to save your house. In certain circumstances it may be the only available solution for some clients. If we complete your analysis and determine a Loan Modification will not be solution for your circumstance, we may recommend this as an alternative to get your home and you the protection needed. |
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Bankruptcy may be the best protection. The Bankruptcy process allows consumers to have their qualifying debt forgiven in federal court. The law protects consumers when they do not have the ability to pay creditors' under their repayment demands. You may qualify under Bankruptcy law to have a cancellation of debt. |
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Filing for bankruptcy activates an automatic stay, which stops creditors from any attempt to collect from you. An automatic stay prohibits creditor phone calls, collection letters, wage garnishments, lawsuits, bank levies, and any other types of tactics by all your creditors. Successfully completed, the consumer will receive discharge documentation from the Bankruptcy Court. This documentation is a legal release from debts. Creditors have no legal authority to contact you or pursue debt listed in the bankruptcy discharge documentation. |
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The two common bankruptcies for consumers are: Chapter 7 and Chapter 13. Chapter 7 allows a consumer to discharge debts completely if you qualify under the new Bankruptcy reform guidelines. Chapter 13 is a debt consolidation plan under federal law which allows repayment of financial obligations, and usually repaying only a portion of your debts. Chapter 13 is designed to allow you reorganize your debt. |
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Our network of Bankruptcy Attorneys can handle your case depending on what state you reside in. |
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Qualifying for Bankruptcy will vary from state to state |
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