Denied Mortgage Modification

Denied Mortgage Modification

by

Jane Weatherly

I frequently hear clients say they were told to not pay their mortgage for 3 months so they can apply to get a mortgage modification. Then, after submitting all of their paperwork, the modification is denied. Or, they\’re put into a trial period, the whole while believing that their mortgage continues to be modified. Then they\’re surprised to be served by the Sheriff with foreclosure documents. They\’re rightfully scared, confused and hopeless. They wouldn\’t have asked for the modification if they could afford their mortgage in the first place and now the bank is telling them to pay for a minimum of those three months which was not paid so that they can apply for the modification or be faced with the prospect of losing their home.

Sometimes, rather than endlessly arguing with the bank, homeowners benefit from meeting with a lawyer familiar with the mortgage modification process or an experienced bankrutpcy lawyer. Individuals asked for help with a mortgage modification from their bank hoping to avoid filing for bankruptcy. Some people imagine that if they file for bankruptcy, they are going to be forced to sell or lose their home. This is usually not the case. Filing for bankruptcy can sometimes be the only option to save your home. In order to find out if bankruptcy may help you, you may want to talk to a local bankruptcy lawyer. In case you are considering filing for bankruptcy as a way to protect your property, please don\’t wait until the sale date has been scheduled. The bank may have dragged their feet with respect to your modification, but time is essential and the sooner you speak to a bankruptcy lawyer, the more options could possibly be available to save your home. A chapter 13 bankruptcy is the primary chapter of bankruptcy used to prevent a mortgage foreclosure. There are very few requirements to qualify to file for a chapter 13 bankruptcy. A chapter 13 bankruptcy will let you repay your late mortgage amounts over a period of time as opposed to immediately, like the bank wants. Only a licensed attorney can give a homeowner legal advise regarding their situation. There are lots of ways to find a qualified lawyer. For example The National Association of Consumer Bankruptcy Attorneys is often a helpful resource in helping distressed homeowners find a qualified lawyer who\’s experienced in both mortgage modification issues and the advantages of filing for bankrutpcy protection as it relates to stopping foreclosure proceedings.

Jane L. Weatherly, Attorney at Law, PLLC is a bankruptcy law firm located in Raleigh, Wake County, North Carolina, The firm is a debt relief agency and assists consumers file for protection under the United States Bankruptcy Code. For more information, please call (919)758-9296 or visit

EDNCBankruptcy.com

.

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ArticleRich.com