You may have a few options. In some cases, depending on the facts of your situation, litigation may be a solution. One option with a more certain outcome is a Chapter 13 Bankruptcy. This stops the foreclosure and gives you the opportunity to catch up on back payments over a period of 36 to 60 months. Or we may be able to obtain a loan modification for you even if you have been unsuccessful at getting one previously. If you have received a foreclosure notice, call us to make an appointment to discuss your options. Though we can stop a foreclosure even at the last minute, it is always better not to wait until the eleventh hour to set up a consultation.
When you miss mortgage payments, or are late with payments, this puts you in default on the loan. Though many mortgage servicers are willing to work with homeowners despite late payments, your mortgage servicer may have the right to refuse your payments and start foreclosure proceedings. If this has happened to you, there is still hope. There are a few tools that can be used to remedy the situation. Call us so we can explore your options and potentially save your home.
In many cases foreclosure will satisfy a first mortgage, but not a second mortgage. Surrendering your house in bankruptcy will eliminate the second mortgage so that you do not owe a deficiency from the second.

However, if you want to keep your house a Chapter 13 can sometimes be used to strip off the second or third mortgage or other liens leaving you owing only the first mortgage once your bankruptcy is discharged. The ability to strip a second or third mortgage depends on the value of the home, the amount of the senior mortgage, and can only be done in a Chapter 13 Bankruptcy.

Unfortunately no mortgage servicer is required to modify your loan, and loan modification statistics, overall, are not very good. However, some mortgage servicers are beginning to set up programs that may actually lead to a sustainable modification. We may be able to advise if you qualify for these programs, and if you do, help you to get a modification that will work for you. Also, there may be other avenues available to you if you are currently facing foreclosure, including Chapter 13 Bankruptcy.
No. Filing a bankruptcy, chapter 7 or chapter 13, should not hinder the loan modification process. And in some cases, we may be able to help you obtain a loan modification through a chapter 13 bankruptcy.
Yes, filing a bankruptcy will stop a foreclosure in the vast majority of cases. Additionally, chapter 13 bankruptcy may give you the opportunity to catch up on payments you have missed so you once again are current on your payments. In some cases we may also be able to help you obtain a loan modification through the chapter 13 bankruptcy process. A chapter 7 bankruptcy will also temporarily stop foreclosure in most cases, but does not enable an individual to catch up on missed mortgage payments.
When you miss mortgage payments, or are late with payments, this puts you in default on the loan. Though many mortgage servicers are willing to work with homeowners despite late payments, your mortgage servicer may have the right to refuse your payments and start foreclosure proceedings. If this has happened to you, there is still hope. There are a few tools that can be used to remedy the situation. Call us so we can explore your options and potentially save your home.
We have successfully settled second mortgage accounts when foreclosure has already occurred. We have also settled second mortgage accounts in cases where the homeowner still has the house, intends to keep it, and is not in foreclosure. Call us to see if we are able to help you get rid of a second mortgage or Home Equity Line of Credit.