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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