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ATTORNEY ARTICLE

STOP FORECLOSURE

Is your home loan modification application stalled?
Stop foreclosure with an exclusive loan modification program, available through one of our loan modification attorney’s.

Loan modification programs can be structured for three different financial hardships:

  • Chapter 7 Bankruptcy Filings
  • Chapter 13 Bankruptcy Filings
  • Debt Consolidation Plans

Foreclosure vs Loan Modification
There are many stories in the news today about people struggling with bank foreclosures while racing to get their mortgage loans modified to avoid bankruptcy. Unfortunately, this battle is not often successful. A loan modification performed without an Attorney is a much longer process than without the professional help. If you are facing foreclosure, you should already be in touch with a reputable Bankruptcy Attorney. Our law offices can, in most cases, run through a loan modification program in 30 days – time is of the essence!

If you are trapped in a loan modification process that has endured more than 60 days without an approval, consider giving us a call to discuss your situation. We may be able to re-apply directly with your home loan lender, and eliminate some of the red tape of this process. We also have a survey which you can fill out to gather some information about your re-modification situation. We will research your options and get in touch with you regarding a solution.

Here is some government information about loan modifications:

Obama’s Loan Modification from http://makinghomeaffordable.gov/modification_yes.html

Based on your answers to the eligibility questions, you may qualify for a Home Affordable Modification.

HAMP lowers a homeowner’s monthly mortgage payment to 31 percent of their verified gross (pre-tax) income to make their payments more affordable.

To qualify for HAMP, you must:

  • Own a one- to four-unit home that is your primary residence
  • Have received your mortgage on or before January 1, 2009;
  • Have a mortgage payment (including taxes, insurance, and homeowners association dues) that is more than 31 percent of your gross (pre-tax) monthly income; and
  • Owe an amount that is less than or equal to $729,750 on your first mortgage for a one-unit property (there are higher limits for two- to four-unit properties).

Homeowners who qualify must complete a trial period of three or four months to demonstrate that they will be able to make their reduced payments on time before their mortgage will be permanently modified. To create an affordable payment, your mortgage lender can lower your interest rate to as low as two percent, as well as extend your mortgage term up to 40 years, or forbear (defer) payments on your principal. A portion of the principal can also be forgiven, although that is optional on the part of the lender.

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