It has often been said that your home is one of your most valuable financial assets. If you are facing financial troubles, though, you may be struggling to keep up with your mortgage payments. Foreclosure may be a frightening prospect, but alternatives do exist.
With the assistance of one of our experienced bankruptcy attorneys, you may find a solution that can both prevent foreclosure and restore your financial security. Filing for bankruptcy may enable you to qualify for a modification of the terms of your mortgage loan.
Loan Modification
A loan modification on your existing mortgage may do several things for you, including:
- Lower your interest rates
- Lower your monthly payments
- Extend the terms of the loan to move past-due payments to the end of the loan
Call 866-501-8500 for a free bankruptcy evaluation.
Bankruptcy
Although there are several chapters of bankruptcy, most consumers qualify for either Chapter 13 or Chapter 7. One of our bankruptcy attorneys can determine whether or not you qualify for Chapter 7, a bankruptcy that will eliminate your debts. A Chapter 7 bankruptcy may provide you with the breathing room you need. With the additional assistance provided by the modification of your loan, you may be able to save your home.
If you do not qualify for a Chapter 7 bankruptcy, a Chapter 13 typically allows consumers to restructure their debts and pay them off over a period of three to five years usually. If our bankruptcy attorney determines that you are qualified to file for a Chapter 13 bankruptcy, you may also be able to request a loan modification so that you may be able to keep your home and avoid foreclosure.
Credit card debt, medical bills, and past due mortgage payments may be weighing heavily on your mind, but relief is available. If you would like to learn how you may be able to avoid foreclosure and modify the terms of your mortgage, contact the Albuquerque bankruptcy lawyers at Melwani Law today.
