Mortgage loan modification is when a borrower works with their lender to alter the terms of their mortgage loan to make it affordable. This is most often done when the borrower has a financial hardship that makes it difficult for them to making their payments. Every loan modification plan is different and needs to be worked out with great consideration to the details of the individual contract. Common alterations include temporary or permanent changes to the mortgage rate, an adjustment to the monthly payment plan, and a waiver of late fees. If you are experiencing financial issues and can’t make your monthly payments, a mortgage loan modification will help you avoid foreclosure.
Loan Modification Program with Richard A. Check
Through our loan modification program we can make significant changes to your loan. Most commonly we can lower your interest rates to reasonable levels. Soaring rates can be negotiated down to something much more reasonable. We also can broaden the length of your agreement. For example, we can adjust a 25 year loan to a 35 year loan. Another common strategy is to reduce your principal balance along with the accumulation of late fees. This is the amount you owe to your lender. All these methods and more can be used to effectively reduce your debt and save your home. Negotiating loan modifications can be very successful when presented properly. Our experienced loan Modification attorneys will clearly explain to your lender why it is in their self-interest to make significant changes to your loan. This will help secure your home from foreclosure.
Chapter 13 Bankruptcy Filing in Milwaukee
Chapter 13 bankruptcy is designed to protect secured property that creditors are trying to take from you. It provides modifications to debts of an individual that has a regular income. Typically creditors are trying to repossess houses and cars that people have fallen behind on the monthly payments. Chapter 13 bankruptcy allows an individual to restructure their debt and keep their possessions. This type of bankruptcy also allows individuals to take their unsecured debt, like credit card bills, medical bills, and personal loans, and pay just a fraction of what is owed. Chapter 13 Bankruptcy allows the individual to make planned payments to a chapter 13 trustee, who then administers the payments to lenders. This means that there is no direct contact with creditors while under chapter 13 protection. Our chapter 13 bankruptcy attorneys will file the necessary paperwork with the bankruptcy court, which will put you on a path to saving your home and effectively managing your debt.
If you are like one of the millions of Americans who are facing foreclosure, it is time to take control of your debt by talking to one of our experienced bankruptcy attorneys at the Bankruptcy Law Offices of Richard A. Check, S.C. in Milwaukee, Wisconsin. What can often be a messy and complicated legal battle can be simplified through our effective management and negotiating tactics. We will be able to work with your lender to change terms of your loan, which will ultimately save your home and other assets. Contact us for a free consultation – it could be your very first step toward financial freedom.