Mortgage Loan Modification Utica NY call 1-888-505-2369 and speak to a experienced bankruptcy lawyer
While you are considering options for mortgage modification or home refinancing, it can be helpful to seek the advice of an attorney experienced in these matters. Hiring a bankruptcy attorney and debt relief lawyer gives you access to a world of legal knowledge and allows you to understand possible courses of action, along with the potential results of each.
For homeowners in danger of foreclosure, filing bankruptcy may be their last chance to keep their homes. Bankruptcy not only offers relief from obligations like medical bills and credit card debt, it may also provide the leverage needed to engage in serious negotiations for a Utica NY mortgage modification with your lender.
Call 1-888-505-2369 and speak with a licensed attorney who specializes in bankruptcy and foreclosure prevention today!
A mortgage loan modification Utica NY is a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford.
You Can Modify a Mortgage on a Your Home in a Chapter 13 Bankruptcy! Peter Orville, Binghamton Bankruptcy Lawyer, Bankruptcy Law Network
"You can modify (or cramdown) a mortgage on your residence in a Chapter 13 under current bankruptcy law if certain conditions are met. While the general rule is that you cannot modify mortgages on your home in a Chapter 13, you can if either of two separate instances exists.
1. If there is more than one mortgage on your home and the first is owed more than the value of the property. In this case the second, third, or fourth, mortgages can be avoided and treated as any other unsecured debt.
2. If the mortgage is also secured by any real or personal property other than your residence, you can cram it down (modify) to the value of the home and treat the balance as an unsecured debt.
There has been much coverage in recent months about Congress’s attempts to extend the ability of homeowners to get a meaningful mortgage modification in a Chapter 13 the same way family farmers can in a Chapter 12 farm bankruptcy. Bankruptcy Law Network has discussed the politics behind these attempts and some of the forces trying to block them.
Most of the previous discussions, however, have not identified the two circumstances listed above which currently allow mortgage modifications within a Chapter 13 case.
A study of cases that look at the issues that arise when a mortgage is also secured by property other than the personal residence are not applied uniformly by bankruptcy courts. Some courts find that if a personal residence is also used for some other purpose – such as living on one side of a duplex and renting the other side out – then the mortgage can be modified. Other courts say the opposite.
The Western District of New York is a good example of the lack of uniformity. There are three separate decisions by three different bankruptcy court judges on this issue with different results."
If you are considering loan modification Utica NY or
bankruptcy to prevent or stall foreclosure, we recommend that you speak
with a licensed attorney who specializes in bankruptcy and foreclosure
prevention call 1-888-505-2369.
Avoiding mortgage loan foreclosure is one of the hardest challenges you might ever face emotionally and financially. A Utica NY mortgage modification Attorney offers consumers piece of mind, by helping them to navigate the complicated home loan modification Utica NY procedure, to save their home from foreclosure, and to arrive at a mortgage payment that they can truly afford.
While bankruptcy does not stop foreclosure, it does have the ability to provide the consumer more time to find a solution to avoid the foreclosure. When a lawyer files the bankruptcy, it forces the lending company to dismiss or suspend their foreclosure.
A mortgage loan modification Utica NY is usually a win-win situation: the lenders get their money in a reworked fashion and borrowers get a new chance to support their mortgage payments at a reduced cost.
For homeowners in danger of foreclosure, filing bankruptcy may be their last chance to keep their homes. Bankruptcy not only offers relief from obligations like medical bills and credit card debt, it may also provide the leverage needed to engage in serious negotiations for a mortgage modification with your lender.