One of America's largest lenders has been denying about 96% of all its loan modification applicants. The President introduced a program, HAMP, in order to make loan modifications more accessible. What do you think happened?
Not that well, it seems. The Obama administration set a goal of helping 4 million families with overwhelmingly expensive mortgage payments. As of now, reports show that many more borrowers had canceled than were approved for a permanent 5 year plan. Cancellations escalated 21% and are predicted to continue to rise.
San Antonio Bankruptcy Attorney, Kansas Bankruptcy Lawyer, Bankruptcy Lawyer Help,
Why aren't there more foreclosures if loan modifications work so poorly? Often times, during the process of applying for a loan modification a family is able to stay afloat. But this is only short lived. As soon as the number of people who cancel their loan modifications nears 520,000, experts think the amount of foreclosures will dramatically increase. Those who were denied or canceled their mortgage modification many times don't have much time to stay afloat. Now, their home is at risk.
Little is different about loan modifications since the last time I wrote about it. Mortgage modification remains a more risky choice for protection from foreclosure. But, homeowners are in luck, because loan modification is not the only option available to help their struggles. If your home is in danger, a bankruptcy attorney might be the best person to help.
A Chapter 13 bankruptcy may be able to get these people get protection from foreclosure. A Chapter 13 bankruptcy allows you to come up with a repayment plan that is determined by your specific circumstances. A bankruptcy lawyer can help you structure a plan that will allow you to repay you debts and fees within a 3-5 year period. With a Chapter 13, you can get protection from foreclosure, prevent your creditors from taking any more action against you, and take care of the rest of your debts.
You need to do whatever it takes to keep your home. A Chapter 13 bankruptcy book will give you more information to decide if a Chapter 13 bankruptcy is right for you. Just because a bankruptcy lawyer offers you a free consultation, doesn't mean he or she is the best attorney for your case. Look for an attorney who will offer you free information and make it readily available online. Don't settle for an attorney who isn't willing to educate you before you enter their office.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
Rating of Sacramento Bankruptcy Lawyers
Get Online Application at online Bankruptcy Lawyer.
0 comments:
Post a Comment