New Loan Modification Program For Chapter 13

New Chapter 13 Loan Modification Program Helps Homeowners Obtain A More Affordable Mortgage

Traditional home loan modification can be very difficult to obtain. The process is skewed against most homeowners because the banks don’t take a realistic view of your finances. Without obtaining a modification, you may find yourself in jeopardy of losing your home.

Here’s the good news: Fort Lauderdale Bankruptcy Court has implemented a new loan modification program on April 1, 2013 that offers realistic solutions for keeping your home. It’s available to those pursuing Chapter 13 bankruptcy. In the Chapter 13 loan modification program, your bankruptcy attorney takes a complete look at your financial picture. If you were denied because you didn’t have enough income or because of excessive debt, you may be able to reorganize your debts in a Chapter 13 and lower your car payments, get rid of that second or third mortgage, and eliminate your credit card debt. If you owe money to the IRS, you can pay it out over five years without accruing additional interest or penalties. There are many different ways that one of our Fort Lauderdale bankruptcy lawyers can help you lower your existing payments or eliminate them altogether – and this will help you have more disposable income to qualify for a loan modification.

The loan modification process in Chapter 13 is also more streamlined, and unlike traditional home loan modifications, it’s based on your new financial picture since entering bankruptcy — not what a credit report says you should be paying. As a result, more homeowners are likely to qualify for loan modifications under this new program than through the traditional “mail it in and I’ll ask you for the same documents 30 times before denying you” modification. This doesn’t happen in the bankruptcy loan modification program because your documents are sent to the lender through a mutual website where we upload the documents and the bank receives them. The bank cannot say that you did not provide a document because it is there…online…no excuses. There is also a mandatory mediation where we meet with a bank representative that has decision making authority. If we do not reach an agreement on a government laon modification (HAMP), then we schedule a second mediation to exploure bank-sponsored loan modification opportunities (if any). And all of this is under court-ordered deadlines that push the process along towards a speedy resolution. The entire process must be finished within 150 days of starting. You won’t have to wait years for a decision!

The end result is a streamlined loan modification process that is court supervised and under strict deadlines for all parties.

How The Loan Modification Program Can Help You Keep Your Home

The new modification program can help you keep your home by making your mortgage more affordable. You may be able to achieve a variety of positive outcomes, including:

• Reduced principal
• Lowered interest rate
• Restructured mortgage
• Affordable monthly payments

As you can see, this new program is a very exciting development for those struggling to make their payments.

How We Can Help

At the Bankruptcy Law Firm of Clare Casas we have unique firsthand insight into this new program. We know the intricacies and the inside scoop; we are intimately familiar with the rules of the new process.

Our lawyer can help you explore your options for keeping your home. Our goal is to help you make informed decisions along the journey toward lasting financial stability.

If you’ve been denied a home loan modification, or if you’ve been given the run around and haven’t gotten a firm answer, we can help. Specifically, we will work hard to first get you an answer, then work with you to strategize the next steps.

Contact Our Coral Springs Attorneys For Chapter 13 Cram-Downs

To learn more about how we can assist you in achieving financial health and stability, contact our Chapter 13 loan modification attorneys in Fort Lauderdale, Florida, at 954-327-5700 or contact us online.

Initial consultations are free. We offer reasonable fees and flexible payment plans; we believe money should not be a barrier to obtaining legal counsel. For your convenience, we are open evenings and Saturdays.

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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.