These days, more and more people are struggling to make their mortgage payments. In addition to high unemployment rates and stagnant wages, many homeowners are experiencing trouble with excessive interest rate adjustments. If you are concerned about how you will afford your mortgage and are thinking about seeking a loan modification, take a moment to first consider your options.
At the Law Offices of Michael H. Johnson, we genuinely want to help you get out from under the debt that weighs you down. While loan modifications can be useful for distressed homeowners, they can be difficult to get and retain. For guaranteed debt relief, we can help you file Chapter 7 or Chapter 13 bankruptcy.
Mortgage modifications are designed to keep families in their homes at affordable monthly rates. Homeowners can file for modifications without a lawyer. Applications are fairly simple, involving submitting paperwork to the lender.
While mortgage modifications are great, they can be extremely difficult to obtain. Also, mortgage companies are not obligated to follow any laws regarding modifications. While they are free to reduce rates and lower principles, they are not required to do so. Further, in loan modifications, as well as short sales, there are tax implications to consider.
By filing Chapter 7 bankruptcy, you can eliminate your unsecured debt. With the money you save from not paying credit card bills, medical expenses, personal loans and other unsecured debts, you will be in a better position to make your mortgage payment.
If you file Chapter 13 bankruptcy, your unsecured debt will be rolled into one monthly payment you make over a period of 3-5 years. After the specified timeframe is over, the remaining debt is discharged. Provided you are able to maintain your mortgage payment, you will keep your house.
In addition to helping you file and working with the mortgage company to reduce your loan amount, we can address the possibility of eliminating your second mortgage or cram down investment properties with Chapter 13 bankruptcy.
For more information about how you can find debt relief through bankruptcy, contact us online or call us at 954-535-1131.
Our firm maintains offices in Fort Lauderdale, Boca Raton and West Palm Beach. We offer evening, weekend and off-site appointments on request. Phones are answered 24 hours a day/7 days a week.
We accept credit cards. Payment plans are available upon request.