Denied Mortgage Modification

I frequently hear clients say they were told to not pay their mortgage for 3 months so they can apply for a mortgage modification. Then, after submitting all of the paperwork, the modification is denied. Or, they're put into a trial period, the whole while believing that their mortgage has been modified. Then they're surprised to be served by the Sheriff with foreclosure documents. They are rightfully scared, confused and hopeless. They wouldn't have asked for a modification if they could afford their mortgage in the 1st place and now the bank is telling them to pay for at least those three months which was not paid to be able to apply to get a 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 choice to save your home. In order to learn if bankruptcy might help you, you may want to sit down with a local bankruptcy lawyer. In case you are considering filing for bankruptcy to protect your home, please don't wait until the sale date is scheduled. The bank may have dragged their feet with respect to your modification, but time is very important and the earlier you speak with a bankruptcy lawyer, the more options might 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 allow you to repay your past due mortgage amounts over a period of time as opposed to right away, like the bank wants.

Only a licensed attorney can give a homeowner legal advise regarding their situation. There are several 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 is 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 http://EDNCBankruptcy.com.