The odds of getting a loan modification on your own are not good these days, due to changing guidelines and investors unwillingness to negotiate. While most homeowners struggling with fiancees don’t turn to a bankruptcy attorney until they’re trying to stop a foreclosure, some bankruptcy attorneys have some tricks up their sleeves. Typically, a bankruptcy attorney doesn’t provide loan modification help unless they have a master plan and trying to modify the loan in bankruptcy is part of it. In most cases homeowners trying to get a loan modification would never think about hiring a bankruptcy attorney unless they had to file bankruptcy. Filing bankruptcy does not have to always be a defensive move though when trying to save a home from foreclosure. Most homeowners who are delinquent over 10 payments have a difficult time affording a Chapter 13 bankruptcy and need to file Chapter 7 or list the property for short sale.
Bankruptcy attorney solutions for homeowners who can’t afford a higher Chapter 13 payment are available to homeowners willing to take a chance or walk away. If you are upside down on your home and can no longer afford your mortgage payments consulting a bankruptcy attorney might not be a bad idea. If you get denied for a loan modification a bankruptcy attorney can file Chapter 7 bankruptcy and submit a new loan modification package to your lender. Once the lender knows you eliminated your unsecured debt and are serious about saving your home they might think twice about modifying the loan. Once you have filed bankruptcy they know you can simply walk away from the home without recourse.
When you hire a bankruptcy attorney and file bankruptcy Chapter 7 you have a choice to either surrender or retain your home. If your bankruptcy attorney files a Chapter 7 he/she can tell the bankruptcy court that you are working with the lender on a loan modification and if it goes through you want to keep your home, if it does not, you want to surrender the home and list the property for short sale. This strategic move from a bankruptcy attorney could not only keep you in your home much longer rent free, it could get you a good loan modification. Yes there’s a risk involved, but if your property in way upside down what do you have to lose? The difference between a good bankruptcy attorney and a great one is, the bankruptcy attorney who’s willing to roll up their sleeves and get crafty is the one you want to hire.
The Feldman Law Center has been providing loan modification services for over 2 years, and Mr. Feldman has been an attorney for over 30. If you are considering a loan modification or filing bankruptcy it’s important you speak to a bankruptcy attorney and get a free consultation. You need to first ddetermine if you qualify under HAMP and if you are a good candidate for a Chapter 7 or Chapter 13 bankruptcy. Filing bankruptcy is not the end of the road, it’s a fresh start. By eliminating credit card debt, 2nd mortgages and other unsecured debt you just might be able to keep your home. Distressed homeowners need to know where to turn and a bankruptcy attorney can offer you some good insight. Try getting a real loan modification with a bankruptcy attorney and eliminate your 2nd mortgage or just try to get your loan modified in bankruptcy. Visit www.feldmanlawcenter.com for more information.