Denied Mortgage Modification

I frequently hear clients say they were told to not pay their mortgage for 3 months so 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, the whole while believing that their mortgage is modified. Then they're surprised being served by the Sheriff with foreclosure documents. They're rightfully scared, confused and hopeless. They wouldn't have asked for a modification if they could afford their mortgage in the 1st place and now the bank is telling them to pay at least those three months which was not paid to be able to apply for the 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 familiar with the mortgage modification process or an experienced bankrutpcy lawyer. Individuals asked for help with a mortgage modification from their bank hoping to avoid filing for bankruptcy. Some people think that when they file for bankruptcy, they are going to be forced to sell or lose their home. This is usually not the case. Filing for bankruptcy can sometimes be the only option to save your home. In order to learn if bankruptcy can assist you, you may want to see a local bankruptcy lawyer. In case you are considering filing for bankruptcy in an effort to protect your house, please do not wait until the sale date has been scheduled. The bank might 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 may be available to save your home.

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

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

by: jane2011

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