Denied Mortgage Modification

I frequently hear clients say they were told to not pay their mortgage for 3 months so that they can apply for a mortgage modification. Then, after submitting all of the paperwork, the modification is denied. Or, they're put into a trial period, all of the while believing that their mortgage continues to be modified. Then they really are surprised to be served by the Sheriff with foreclosure documents. They're rightfully scared, confused and hopeless. They wouldn't have asked to get a modification if they could afford their mortgage in the first place and now the bank is telling them to pay at least those three months which was not paid to be able to apply to get a modification or be faced with the prospect of losing their home.

Sometimes, rather then endlessly arguing with the bank, homeowners benefit from meeting with a lawyer knowledgeable about the mortgage modification process or an experienced bankrutpcy lawyer. Most people asked for help with a mortgage modification from their bank hoping to avoid filing for bankruptcy. Some people imagine that if they file for bankruptcy, they will be forced to sell or lose their home. This is usually not the case. Filing for bankruptcy can sometimes be the only real choice to save your home. In order to learn if bankruptcy can help you, you may want to consult a local bankruptcy lawyer. If you're considering filing for bankruptcy so as to protect your property, please don't wait until the sale date has been scheduled. The bank may have dragged their feet with respect to your modification, but time is essential and the earlier you speak to a bankruptcy lawyer, the more options could be available to save your home.

A chapter 13 bankruptcy is the primary chapter of bankruptcy used to stop a mortgage foreclosure. There are very few requirements to qualify to file for a chapter 13 bankruptcy. A chapter 13 bankruptcy will allow you to repay your past due mortgage amounts over a time period as opposed to right away, like the bank wants.

Only a licensed atto
ey can give a homeowner legal advise regarding their situation. There are many ways to find a qualified lawyer. For example The National Association of Consumer Bankruptcy Atto
eys is often a helpful resource in helping distressed homeowners find a qualified lawyer who's experienced in both mortgage modification issues and the benefits of filing for bankrutpcy protection as it relates to stopping foreclosure proceedings.