Our San Diego Real Estate Attorneys are getting a disturbing number of calls regarding the following fact pattern. The home owner calls and tells us that they had been working on a loan modification with their lender. Then for one reason or another the loan modification falls through. Of course, the lender had been telling the home owner not to make payments because if the owner was current on their payments the lender would not do a loan modification (according to many lenders this is because someone who is current on their payments is not in need of a loan modification). Now the home owner is several months behind on the mortgage, does not have the money to catch up on the payments, and the lender has just told them that they will not work with them.
This is a bad situation for everyone and usually leads to foreclosure. Often, foreclosure is not in the best interest of anyone.
There is a solution and a way for the home owner to save the home, catch up on the mortgage payments and force the lender to agree.
That is solution is a chapter 13 bankruptcy.
In a chapter 13 bankruptcy, the debtor/home owner creates a plan. The Chapter 13 plan will provide for catching up on the missed payments over time.
So if you have tried a loan modification and were unable to work out a deal with the lender, you should consider chapter 13.
For more about how to catch up on your missed mortgage payments, call us at 619.615.0767 or for more general information on bankruptcy look at the San Diego Bankruptcy Lawyer section of our website at http://www.thompsonlawsd.com or read some of the informative articles our attorneys publish on our San Diego Bankruptcy Attorney Blog at http://www.sandiegobankruptcylawyerblog.com/.
We at the Law Office of Harold D. Thompson are San Diego Real Estate Lawyers dedicated to helping with all of your real estate issues – including helping you save your home through bankruptcy. Call us TODAY at 619.615.0767 or visit one of our two websites at www.ThompsonLawSD.com or http://www.sandiegobankruptcylawyerblog.com/.
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[...] Bankruptcy Can Help You Catch Up On Missed Mortgage Payments After A Failed Loan Modification! [...]