LOAN MODIFICATION AS AN ALTERNATIVE TO BANKRUPTCY
Posted on 03 06,2014
Many people are well aware of the fact that bankruptcy can work as an effective foreclosure defense. What you may not be aware of is that there is an alternative to bankruptcy that can also be used to help save your home from foreclosure, a loan modification. The majority of mortgage lenders offer some type of loan modification program that homeowners who have found themselves underwater on their mortgage, out of work, going through a divorce or struggling to make ends meet after sustaining serious injury in an accident, can implement to prevent foreclosure on a property. Foreclosure proceedings are not only time consuming, but they are also costly to a lender. If there is a way in which your lender can avoid having to foreclose on your home, it is very likely they will be interested in working with you on another option, particularly if you are represented by an attorney.
f you are unable to stay current on your mortgage payments, a Virginia Beach bankruptcy lawyer from our firm can help by reviewing your current financial situation, advising you of the various options open to you, and providing you with the legal representation you need to get a positive result for your particular case. Each and every year, our lawyers help thousands of individuals obtain the debt relief they so badly need. We have handled more than 17,000 cases in the 18 years since our firm first opened its doors. Many of our new clients come from referrals due to the fact that we handle each of our cases with compassion and empathy to our clients' needs. We also treat our clients with the respect they deserve. In certain instances, loan modification may be a more viable alternative than filing for bankruptcy. It takes less time to get a loan modification, your credit will not be impacted in the same way it would if you filed for bankruptcy, and the remainder of your financial agreements will remain intact. If you want to find out whether loan modification may be right for you, call the David McCormick Law Group right away.