Foreclosure is a lengthy process, but the longer you wait to act, the more difficult it becomes to save your home. Taking action right now puts the power into your hands. Maybe you just received a foreclosure complaint in the mail yesterday, or you have struggled recently with getting a loan modification, or you have a sheriff sale scheduled for tomorrow-- no matter where you are in the foreclosure process, we can help you.
I struggled for months to get a loan modification but got nowhere. Then the bank finally scheduled my home for a sheriff sale. We filed a Chapter 13 Bankruptcy to stop the sale and saved our home from foreclosure.
Karen- Chapter 13 Bankruptcy Client
I was trying for months to get a loan modification but every time the bank told me I didn't qualify. Then we found Todd Murphy Law and filed a Chapter 13 Bankruptcy right before our home was sold at a sheriff sale. Wow! Were we glad we did. We were able to pay back all our missed payments over 60 months and started to pay our mortgage again right away. A Chapter 13 Bankruptcy saved our home when a loan modification could not.
Jack - Chapter 13 Bankruptcy Client
Have you struggled with trying to get approved for a loan modification? If not done correctly, getting a loan modification can be a frustrating task, and a cycle of being denied. Many homeowners contact their mortgage companies in hopes of obtaining a loan modification, only to be let down and denied time after time. Mortgage lenders route you to a call center where you talk to a different person every time you call. You are continually asked to send in the same documents; sometimes they lose them or say they never received them. Other times, you send the documents but by the time you actually talk to someone, you are told the documents are outdated and you have to send them again – starting the wait all over. However, with our help, you can get a loan modification to cure the arrears (your missed payments) by folding them into the principal balance. A new payment is calculated, usually with a new interest rate and a new term of 30 to 40 years. Find out how a loan modification can cure your missed payments in the Free SmartGuide © Surviving Foreclosure.
If a loan modification is not the best option for you, then a Chapter 13 bankruptcy may be the answer to your question of, "How do I save my home?" With a Chapter 13 bankruptcy, the arrears are paid back in 60 equal payments. Additionally, you begin making your regular monthly mortgage payments at the same time. This may be difficult for the first 60 months because the combined monthly payments are higher, and a new interest rate is not calculated. However, if you do not qualify for a loan modification, a Chapter 13 bankruptcy may be the best option for you. Learn more about how a Chapter 13 bankruptcy can save your home and cure your debts in our Free SmartGuide © Surviving Foreclosure.
Both a loan modification and a Chapter 13 bankruptcy can cure your arrears and allow you to start making your monthly payments again; but they also both require you to have enough income to make your monthly payments. To determine if a loan modification or a Chapter 13 bankruptcy is right for you, we must run through your numbers and make the calculations for your specific situation, this can be done over the phone with me; I must know your numbers to be able to help you. Get your answers now in the Free SmartGuide © Surviving Foreclosure, and then we can devise a strategy for you.
It is critical to act early on in the process of foreclosure. The longer you wait, the more likely it is that you will not be able to file for a Chapter 13 bankruptcy, or a loan modification. This is because as time passes, the accumulated amount of arrears increases, making the payments higher-- making it harder to keep up with them. You must act fast to make the trustee payments more manageable. The longer you wait, the greater your risk is of not qualifying for either a Chapter 13 bankruptcy or a loan modification. If you act now, you can get all of the answers you need in your Free SmartGuide © Surviving Foreclosure.
The most common reason loan modifications are denied is errors in the paperwork. If your modification is denied or you’ve been told you can’t qualify, then have your paperwork reviewed by a qualified attorney and re-submit your application.
Loan Modification Negotiation or Assistance Services have become very popular within the past several years. They have large upfront fees and claim government affiliation or non-profit advocacy. For a large upfront fee, such services offer principal reduction or unbelievable terms. Remember, principal reduction is extremely rare. Most companies that say they can help you get a loan modification aren’t worth the fees they charge. A loan modification company has no more leverage than you do in obtaining a loan modification.
Don’t panic! The foreclosure process takes time, usually as much as a couple of years. New Jersey is a so-called “judicial state” in foreclosure proceeding – the foreclosure must proceed through the court system. Although there is some time to take action, the sooner the better. Contact your lender immediately to apply for loan modification. The longer you wait, the further behind you’ll get in your payments, creating “arrears” in your loan.
If it turns out you’re unable to qualify (which an attorney can help you determine), then investigate Chapter 13 bankruptcy. The terms of Chapter 13 will involve a restructuring of your debt into a payment plan you can afford, if you’re still working and have enough income to make the payments in your payment plan. Often a homeowner can qualify for a modification under the terms of their Chapter 13 plan after an unsuccessful application before filing. Arrears are added to the loan principal, the interest is reduced or set to around 4%, and the term of the loan may be extended to 45 years, with some closing fees waived.
Yes, sometimes combining a loan modification and a bankruptcy is the best option that achieves the most desirable result, depending on your situation. The major factor at play in determining if a loan mod, bankruptcy (or a combination of the two) is right for you is your amount of income. Your specific situation and numbers should be assessed by a qualified New Jersey attorney to decide what strategy is best for you.
Todd Murphy Law has been helping people save their homes from foreclosure for over twenty years, let us help you next.
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