Facts About Loan

Modification and Bankruptcy

Facts About Loan Modification and Bankruptcy

What Each Homeowner Needs To Learn

About Bankruptcy And Loan Modification.

When a homeowner's mortgage and other

money owed grows more than they can

afford to pay...they might take into account

filing for bankruptcy. If you are dealing with

a similar problem understand the details of

bankruptcy and loan modification prior to

you making a final decision. The possible

solution to your position is based

tremendously on what your goals are.

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Should You File Chapter 7 Or Chapter 13? Declaring Chapter 7 bankruptcy will allow you to

discharge your mortgage debt. Discharge means

that you are free to walk away from your mortgage

debt free and clear. You aren't required to be

charged money to your lender. This too means the

lender will now be able to begin the property

foreclosure process. Your release takes away your

responsibility to be charged...but it also signifies

you're going to ultimately have to leave your house

in the event the property foreclosure is finished.

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Chapter 13 conversely won't discharge your house loan

debt. Nevertheless , you get to keep the home provided you

continue to make your mortgage payments in a timely

manner. Also while under Chapter 13 your payments will be

lowered.

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Is It Possible To Get A Loan Modification After Bankruptcy...Is This Possible?

Yes, it is possible to get a loan modification

after your bankruptcy. Actually you can get a

loan modification prior to and through the

bankruptcy process too. However final results

will vary according to any time you do so and if

you file under Chapter 7 or Chapter 13.

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If you decide to reaffirm the loan which means you agree to pay the

same mortgage debt you were already released from via a Chapter

7 bankruptcy, you'll need the endorsement of the bankruptcy court.

Most bankruptcy attorneys will advise against reaffirming the loan.

Take as much time as feasible to think about the options. The legal

aspects of bankruptcy and loan modification can be overwhelming.

Consult with a bankruptcy attorney or any loan modification

company to be aware of the details and go over your best choices.

For assistance, you can go to internet sites of various loan

modification companies online. They will enlighten you what you are

suppose to do on these kinds of situations.

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