Modified Home Loans After Bankruptcy

How do I get modified home loans after bankruptcy?

If you have gone through bankruptcy, then you have been given a fresh start. The reason the bankruptcy court exists is to be able to give people a fresh start. If you have gone through bankruptcy, then there is no reason to feel bad. But more reason to rejoice in a fresh start.

Even though you have just gone through bankruptcy, you may find that you have gotten in a position that you may not be able to afford the regular payments on your current mortgage loan. If that is the case, you may be looking for a home mortgage modification. Recently, with all that is going on with the subprime mortgage mess, there are millions of homeowners who are in trouble. Never before has there been such a mess that has to get dealth with.

Consequently, banks are more than ever ready to deal with and work with homeowners to try to stay in their homes. If you are in trouble and drowing in debt and are having difficulty paying your monthly mortgage bill, then you may be a candidate for a home mortgage modification.

The way it works is you contact your loan servicer and ask for the loss mitigation department. Let them know that you are having trouble paying your mortgage, and can show financial difficulty. If you are able to make a payment, but not the full amount, then you may be able to work somerhing out.

You will fill out forms and send them in. Expect that the process will take along time, and be rather frustrating. You will have to keep calling back and following up. Your files may get lost, and you may have to deal with many people.

the other thing you need to know is that banks will not deal with you if you are current on your mortgage. If you are current, then what reason do they have to worry about it? Once you are late, then you will be able to deal with them.

One option you may want to consider is working with a professional home mortgage modification company. They provide the service of working witht he lender on your behalf. There are companies out there that are great, and do a professional job, and there are companies out there that are also scams. Make sure you check references and their background before you do anything. The cost can vary but average from $1500-$2000.

Modified Home Loans After Bankruptcy are possible, but you need to decide how you want to deal with it.

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1 comment:

  1. Rommel LeadTree, 19. March 2010, 17:32

    I found this company The Lead Tree that does telemarketing for mortgage lead generation , if anyone here can share their experiences about this company it would be much appreciated.

     

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