Any borrower that is behind on their mortgage loan payments and has submitted an application to their lender for a loan modification expects that the request will be approved. However, the decision to approve or deny a loan modification is purely at the discretion of the lender. Usually, it is in the best interest of […]Read More

In the process of a loan modification, one of the last steps to get it approved is to go through a trial modification period. Lenders or banks institute a trial period so a borrower can prove that they will be able to keep paying their mortgage regularly. If the borrower completes the trial period successfully, […]Read More

Some borrowers that are having difficulty making their monthly payments may be under the impression that if they apply for a loan modification, the lender will usually approve it. A borrower has to qualify and complete several steps before a lender will consider granting a loan modification.  The chances of having a loan modification approved […]Read More

All housing situations are different, and people face diverse and unique scenarios that can lead to not being able to pay the monthly payments on their mortgage. One option to remedy the situation is requesting a loan modification from your lender. If you are a homeowner beginning to contemplate applying to change the terms of […]Read More

A borrower that defaults on their payments under a loan agreement can apply to a lender for a loan modification to keep the loan from going into foreclosure. It is usually in both the lender and the borrower’s best interest to work out a loan modification agreement. Lenders can apply several strategies to modify the […]Read More

When you choose to file a Chapter 7 bankruptcy, one of your biggest concerns is whether you can keep your property. The fact is that it will depend on the state’s property exemptions, which you can use to protect your assets when filing for bankruptcy. Other states allow residents to choose between the federal bankruptcy […]Read More

A Chapter 13 Bankruptcy is often considered a reorganization bankruptcy since the debtor is attempting to reorganize their debts by offering the creditor partial or full repayment through a repayment plan. This option is used when you do not have many other choices and would like to reduce the loan balance on your mortgage or […]Read More

Chapter 7 Bankruptcy is the quickest and easiest bankruptcy process, as well as the best option that can be done in around six months or less. In a Chapter 7 bankruptcy, all non-exempt assets are liquidated, and the distributions of the proceeds are paid to your creditors. Who Can File? Individuals, partnerships, or corporations who […]Read More

As economists predict another recession coming, borrowers may find themselves in a financial situation of difficulty making monthly mortgage payments. When this happens, you may have to ask your lender to make changes to the terms of your existing loan to make payments more manageable. These changes are referred to as loan modifications. They may […]Read More

Whenever an individual files for bankruptcy, either under Chapter 7 or Chapter 13, that person will be required to attend a meeting with their creditors. This meeting, otherwise known as the 341 meeting, gets its name from section 341 of the bankruptcy code. This meeting is an informal meeting with about twenty to thirty people […]Read More