bankruptcy over
what is mortgage modification and is it worth it over bankruptcy?
{I am NOT an attorney, so you’ll need to check legal specifics with counsel.]
A modification changes the terms of your mortgage (usually) lowering your payment, and “catching the payments up” if you’re behind.
Because you’re still in decision-making mode, I would suggest you try to figure out what you’d like to see happen BEFORE you choose your tactics.
Once you’ve decided what you’re hoping to accomplish at the end of this process THEN you can work with someone to figure out which tools and tactics will get you there.
If you don’t decide this in advance, then you’re much more likely to get railroaded, or follow poor advice.
Remember to QUALIFY anyone who’s giving you an opinion… even me.
Also, when it comes to modification and bankruptcy, It does not have to be an “either/or” proposition.
I’ve worked with a number of homeowners who wanted to keep their homes and we worked in concert with the bankruptcy plan in order to deal with the credit cards/auto loans, AND get the mortgage modified.
Also, a number of attorneys are telling people that they have to forfeit their homes when they file a Chapter 7, which is not true.
If your main reason for filing is to keep your home, I can tell you that Chapter 13 is a very poor choice, for a number of reasons:
1- You’re guaranteed to be on a repayment plan, which will raise your payments, not lower them.
2- At this time, there’s no provision to lower your home mortgage payments on a first lien.
3- If you have an adjustable rate mortgage, the BK court cannot protect you from payment increases.
4- The failure rate on Chapter 13 plans is 60-80%, depending on whose numbers you want to believe.
There are other drawbacks as well, but for now, your job is to get some clarity on what it is that you want.
If you need some help assessing your information or coordinating a modification, click on my name and send me an e-mail, or opt in for the free report at http://foreclosureresolutioncenter.com
It sounds like you’ve had a rough time lately… keep your chin up- things will turn around for you.
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