Since you have to pay back the money you are behind on your mortgage over a 5 year period the sooner you file the bankruptcy the more feasible. Many people fall 3 or 4 months behind on their mortgage. They then call the mortgage company and apply for a loan modification and spend the next 12 months sending documents to the mortgage company, getting the run around just to have the mortgage company in the end deny the loan medication. Now they are 16 months behind on their mortgage instead of 4. If they have a $2,000 mortgage payment this would mean they have to pay back $32,000 (+ late fees and foreclosure cost) rather than $8,000. The sooner you come to see us the better the chances for a successful outcome.
We have heard hundreds of horror stories of people paying thousands of dollars to loan modification companies and debt settlement companies located across the country just to find out they are a scam. In these cases it is almost impossible to get your money back and you wind up in much deeper debt than if you had met with a bankruptcy professional to start. If you are going to hire an attorney or a loan modification company it should be somebody you can sit down with and discuss your options face to face. We handle loan modifications through the Bankruptcy Court’s loss mitigation program. You can find more information on this under the loss mitigation heading of our website and we would happy to sit down with you and discuss your options.
We can help you save your home, but you have to take the first step.