Bankruptcy and Mortgage Modification
In today’s economic climate, many people have
gotten behind on payments to creditors or have
accumulated debt that is far beyond their ability to
pay. U.S. bankruptcy laws provide a fresh start for
people in these situations by liquidating assets to
pay their debts or by creating a repayment plan. The
bankruptcy laws also provide a means for financially
struggling businesses to pay their creditors through
reorganization or liquidation without having to deal
with collection actions and lawsuits.
Although most unsecured debt can be eliminated in
bankruptcy, there are some types of debt that cannot
be discharged. It is important to speak with a
knowledgeable legal professional to make sure that
bankruptcy is an appropriate solution for you.
One of the most concerning aspects of the real
estate crisis has been the fact that many people owe
far more on their homes than their property is
worth. The loss of a job or failure of a business
can result in missed mortgage payments and threats
of foreclosure. Confronting the loss of a home can
be emotionally and financially devastating.
Although it may seem that things are overwhelming
and out of control, there are a variety of programs
available that may help you avoid foreclosure. There
are options available such as deeds in lieu,
reinstatement and forbearance, short sales, and
mortgage modifications. Our knowledgeable attorneys
can help you explore the options that may be
available to you.
A mortgage modification is a process whereby the
terms of a mortgage are modified or changed by
lowering the interest rate, changing the interest
rate from adjustable to fixed or extending the
repayment term and lowering the monthly payment. If
you qualify, our attorneys can guide you through the
complex mortgage modification process and serve as
your advocate in negotiating with your lender.
SilzerLaw offers the following specialized
services:
- Chapter 7 Bankruptcy
- Chapter 13 Bankruptcy
- Mortgage Modification
- Foreclosure Defense
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