Bankruptcy and Loan Modification

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  • 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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