Often the first strategy homeowners experiencing impending mortgage default attempt is to contact the bank to request a lowering of their monthly mortgage payments. Unfortunately when the house is the homestead disincentives exist for the bank to modify the loan outside of bankruptcy. However, when the homeowner declares bankruptcy many of these disincentives disappear and often the way clears for banks to offer loan modifications. Go to hobbslegalsolutions.com for more information, and how to get help on questions, on bankruptcy and loan modifications from legal professional bankruptcy lawyers in Irvine.
Loan modifications seem to be being approved more quickly and effortlessly for homeowners who have entered bankruptcy. How does this affect you? If you find yourself in financial trouble and file for Chapter 7 or Chapter 13 Bankruptcy, you may find that your chances for negotiating a loan modification improve with your lender. Your mortgage company will require a letter from your Bankruptcy Attorney granting them the right to contact you directly in order to initiate the process.
Although bankruptcy can feel like a negative move to make, it can create new, beneficial opportunities for you and your family.
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There can be drawbacks to filing for bankruptcy at the same time as requesting a loan modification from you lender. If bankruptcy is filed soon after the loan modification request, it may alarm the lender and cause the request to be denied outright. Sometimes, even though the modification process has begun, but the process has not surpassed the trial phase, application for bankruptcy protection may be considered a violation of the probation period and the lender may terminate the loan modification.
HAMP, the federal Home Affordable Modification Program, is designed to assist homeowners in refinancing their mortgages. The scope of the program has been increased to cover most homeowners who are employed but still struggle to fulfill their mortgage payments. Unfortunately, HAMP program participation can cause conflict between homeowners and lenders.
The loan modification process can be eased for HAMP program participants if they inform their attorney of their participation, so that the attorney can work with the presiding judge to avoid the expected complications to the legal process. Be aware, the court-appointed trustee will be granted veto power of all your credit decisions after the bankruptcy filing process begins.