Can I get a loan modification after Chapter 7?

Find out about applying for a modification of your mortgage while in Chapter 7 bankruptcy. However, if, after you file for Chapter 7 bankruptcy, your lender agrees to a loan modification (often called a workout), there’s nothing in the law stopping you from modifying the loan.

When to hire an attorney for a mortgage modification?

Hiring an attorney may be a good idea if you want a mortgage modification, but you don’t understand the application process or have a complicated situation. For example, it might be worthwhile to hire an attorney if you’ve spoken to your loan servicer about a modification, but are confused about:

What can a loan modification DO FOR YOU?

A “loan modification” is a permanent restructuring of your mortgage loan where the lender changes one or more of the terms so that your payments are more affordable. With a modification, the lender might agree to do one or more of the following to reduce your monthly payment:

When to hire an attorney for a foreclosure?

giving up the property in a short sale or deed in lieu of foreclosure. Hiring an attorney may be a good idea if you want a mortgage modification, but you don’t understand the application process or have a complicated situation.

Where can I get a lawyer to help with my mortgage?

You can also get free help with your application package from a HUD-approved housing counselor. If your servicer doesn’t comply with federal laws or any applicable state laws that govern the loss mitigation process, an attorney can help you enforce your rights.

Do you need an attorney for a loan modification?

If successful, loan modification can make it easier for you to afford your monthly payments, keep your house, and even avoid bankruptcy altogether. Although it’s not required to hire an attorney for loan modification, there are many instances where an experienced debt relief lawyer can assist you.

What are the terms of a loan modification?

One of those options is loan modification. A loan modification plan permanently restructures a mortgage by changing its terms. Those terms include a reduction of the interest rate and/or monthly payment. Loan modifications can also entail conversion of the interest rate to one that is more financially feasible for the homeowner.

Can you get a loan modification from Lexington Law?

Falling for one of these scam artists can make their financial situations even worse, potentially leading to the need for credit repair by a company like Lexington Law. Legitimate loan modifications can happen for eligible homeowners, but they often come with wording like this:

When to hire an attorney for your mortgage?

Depending on your individual circumstances, the attorney might recommend: giving up the property in a short sale or deed in lieu of foreclosure. Hiring an attorney may be a good idea if you want a mortgage modification, but you don’t understand the application process or have a complicated situation.