Is Your Loan Modification Going Nowhere?
Many people start the loan modification process as a way to reorganize their debt and prevent bankruptcy, but it does not always work. If your loan modification is not working or you were denied loan modification by your bank, there are still ways out there to save your home and get the relief you deserve by coming current and paying pre-petition arrears on a payment plan. An experienced lawyer can help you explore your options.
At Carmichael & Powell, P.C., our Phoenix debt relief attorneys help people file for bankruptcy after loan modification has failed. For the past three decades, we have helped individuals and businesses across Arizona through the bankruptcy process, providing them with the immediate relief they need and long-term solutions they deserve.
File Bankruptcy or Loan Modification?
Banks do not want to cram down loans on principle. They may accept subsidies from the government to put people through the first stages of the loan modification process, but that does not mean they will actually give very many people the chance to rework their debts.
Many banks put people on a trial payment plan before agreeing to a loan modification. You could be waiting for more than a year without getting an answer. In many cases, they keep people holding on until the day before the foreclosure sale before finally saying no to a loan modification. In other cases, they deny loan modification applications without ever informing people.
Have a Backup Plan
Loan modification is usually worth a try, but it fails more often than not. If you keep asking for answers and the bank keeps stalling, you need a backup plan. We can talk to you about your options, so you will be ready if your loan modification falls through. We will help you explore your consumer bankruptcy options, including Chapter 7, Chapter 13 and Chapter 11, so you will be ready, no matter what happens.
Providing our clients with prompt and professional service, we provide big firm answers with small firm service. Contact our Maricopa County offices today to talk to one of our attorneys and learn more.
