• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Dubiln Packard

  • Home
  • About
  • Foreclosure
  • Contact

January 30, 2013 by Todd Murphy

How Does Bankruptcy Help Save My Home In Foreclosure In New Jersey

Are You Facing Foreclosure? Bankruptcy Can Help.

 

Loan Modification, Bankruptcy, or Both?

Todd Murphy NJ Bankruptcy LawyerLoan Modifications Are Frustrating To Say The Least.

Many homeowners contact their mortgage company to try to obtain a loan modification only to become frustrated by the process.

Mortgage lenders route your to a call center where you talk to a different person every time you call.

You are asked to send documents over and over. 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  Other times, you send the documents but by the time you actually talk to someone, you are told the documents are outdated and you have to send them again – starting the wait all over.

Loan Modification Companies Don’t Help.

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. The biggest problem is they have no way to handle the missed payments if has been more than a few months since your last payment. And, the foreclosure process continues while your company is talking to the loss mitigation department about your loan modification.

How Does Bankruptcy Help?

First, bankruptcy stops the process immediately upon filing. Nothing else does this. Next, bankruptcy permits you to stretch out re-payment of your missed payments and begin paying your mortgage again.  While bankruptcy can’t force the lender to modify the interest rate or loan amount, it does help in negotiating a loan modification.  Chapter 13 bankruptcy is one of the best ways to save your home from foreclosure.

Todd Murphy is a New Jersey Bankruptcy Lawyer with more than fifteen years of experience helping people get out of tough situations.

Todd Murphy NJ Bankruptcy LawyerTodd Murphy NJ Bankruptcy Lawyer

Share Button

Filed Under: Bankruptcy as an Option, Foreclosure Tagged With: save my home, stop foreclosure

Primary Sidebar

(862) 305-4901

Search This Site

Footer

American Bankruptcy Institute Logo National Association of Consumer Advocates Logo
Avvo - Rate your Lawyer. Get Free Legal Advice.
Designated A Debt Relief Agency Under U.S.C. 528
( see required bankruptcy disclosures )
The materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use of and access to this Web site or any of the e-mail links contained within the site do not create an attorney-client relationship between Todd Murphy Law and the user or browser.
Lawyer J Murphy | Featured Attorney Foreclosure
(862) 217 2361