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Saving Your Home Through Mortgage Modification

Are you trying to work out a mortgage modification with your lender and have received the runaround?Robinson Salyers, PLLC, is a law firm in Frankfort and Shelbyville with foreclosure attorneys who represent clients throughout the area who are frustrated with the mortgage modification process.

What Is Foreclosure?

Foreclosure is when a lender such as a bank tries to recover a loan from a borrower who has stopped paying the balance – for example, a homeowner. This often leads to the lender taking ownership of the property and selling it to recoup their money. For homeowners, it’s a serious situation that can mean losing their homes. However, homeowners are not without options. A lawyer can provide guidance through this challenging time, helping to negotiate with lenders or pursue alternatives that may be available, such as loan modification or short sales, to avoid foreclosure.

What Is A Mortgage Modification?

Mortgage modification is when a borrower and lender adjust the terms of a loan to facilitate easier payments for the borrower. This could mean lowering your interest rate, extending the terms of your loan, or changing other aspects of the mortgage agreement. For homeowners, this can provide much-needed relief, making mortgages affordable and helping to avoid the risk of foreclosure. A law firm can help by negotiating with lenders on your behalf to reach a modified loan agreement. They can also help you understand your rights and ensure that any changes to your mortgage are fair and in your best interest.

Fighting Back Against Injustice

Many clients have mortgages that are serviced by Bank of America, Wells Fargo or Chase. They have common experiences dealing with personnel from those servicers in trying unsuccessfully to get a mortgage modification. Often, clients have made multiple attempts at submitting lengthy applications, only to be told the applications were not received and they should try again. This process occurs for months to over a year.

The process is not fair. While you spin your wheels in desperate hopes of getting a modification, your mortgage lender has likely hired a foreclosure attorney to sue you. It gets tangled and confusing.

The best thing to do is to consult experienced, determined and successful bankruptcy lawyers like those at our firm.

Take Back Control

Your mortgage lender is unlikely to modify your mortgage. Period. A lucky few are able to get modifications, but they are the minority; it does not happen very often.

The best way to save your house is to take action and enforce your legal right to file for Chapter 13 bankruptcy. This will give you time to catch up on payments and stop the foreclosure process. Chapter 13 bankruptcy reorganizes your debt into payments you make over a period of time. You can keep your home.

Foreclosure Defense

For clients who just want to stay in their houses as long as possible without filing for bankruptcy, our foreclosure defense practice can help.

Our lawyers can file extensive discovery requests to make sure your loan servicer has the legal authority to proceed with the foreclosure. They can also evaluate whether, at the initial closing, your lender complied with the provisions of the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). They look for transfer violations if your mortgage was sold to another servicer and file counterclaims for anything they can.

The result is that during this process, clients usually stay in their homes for free. They can file for Chapter 7 bankruptcy and use the time to save money.

Call Today To Learn More About Mortgage Modifications

For foreclosure or mortgage modification assistance, turn to Robinson Salyers, PLLC. To schedule a free initial telephone consultation, call one of our Kentucky offices: Shelbyville at 502-220-4439 or Frankfort at 502-257-5417. You can also contact us online.

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