Mortgage Modification After Bankruptcy

How do I get a mortgage modification after bankruptcy?

That is a tough question to answer. I am assuming that you already have gone through bankruptcy, and were able to keep your home. And, now you are in the situation that you can no longer make the payments on the current mortgage that was approved by the bankruptcy judge.

It is possible to get a mortgage modification after bankruptcy. The thing is, you need to be able to either spend a great deal of time working with the server server of your loan or find someone who can help negotiate the terms for you.

In general, getting a mortgage modification depends on your ability to show the owner of the note that you are no longer able to pay the current mortgage note rate. At that point the person that owns the loan needs to make the decision as to whether they would rather lower or change the terms of the loan so that you can stay current, or forgo that and file for foreclosure.

There are so many foreclosures going on in the marketplace right now that it is hard to get in touch with the person who actually owns the note. The people you pay your mortgage to every month are just for the server service of the loan. They collect money and pay it to the person who owns a note for a fee. If you’re going to try to get a mortgage modification, you need to get in touch with the loss mitigation Department and fill out paperwork to show that you are in financial distress.

At that point you need to do any follow-up calls to try to get to the person that owns the loan. This can be stressful and a big headache for you. There are companies now that can-do mortgage modification and can do it very well. The downside is there a makeup is out there that are unethical and scams. You do need to do your due diligence if you are going to find someone to do a mortgage modification for you. The con is that it costs money. A good company can charge anywhere from $1500-$2000 just to do the service. But, at the end of the day they handle all of the dealings with the loan company and can get good results.

The best thing to do if you’re considering getting a mortgage home modification after bankruptcy is decide how much time you have and how much you are willing to deal with the bank. If you don’t have the time or the patience, it may be a good idea to consider finding a mortgage modification company that can help you.

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