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Mortgage Modifications

Mortgage Modifications

BetterWay to Credit serves as an aggressive advocate for consumers facing economic difficulties. We are here to provide assistance to consumers who are facing unemployment or foreclosure, overwhelmed with high credit card debt, or confronted with other economic hardships.

Filing for bankruptcy does have consequences.  It will be reflected on your credit report for seven, and up to ten years, and it might limit your ability to obtain a loan, mortgage or other financing.  Before filing for bankruptcy, it is important to consider your alternatives.

If your inability to pay your mortgage appears to be temporary, and you still have a source of income, we can explore the following alternatives:

Reinstatement: Making payments on the mortgage in a lump sum, due by a specific date.

Forbearance: Temporary suspension or reduction of payments.  Forbearance can be combined with a later reinstatement agreement for a one-time lump sum payment.

Repayment plan: Resumption involves the resumption of payments after a period in which the debtor has not been paying.  In a repayment plan, each payment typically includes a part of the total that is past due until the debtor becomes current on the payments.

If, however, your inability to pay is expected to last for a longer time, you have other loan modification options, including:

Mortgage modification: This is either a temporary or a permanent change to the terms of the mortgage itself.  This can include reducing or changing the interest rate permanently or for a specified period, extending the length of the mortgage, or increasing the loan balance to compensate for the missed payments.

Partial claim: This option is available for insured mortgages, such as those insured by the Federal Housing Administration.  In a partial claim, the lender can receive a one-time interest-free loan from the loan’s mortgage guarantor to make the mortgage payments current.  This option would allow you avoid having to make payments for a set period.

Our consultants examine your loan documents for evidence of violations of federal or state laws.  If we find that you have been the victim of predatory lending, you may be entitled to rescind the contract securing the Deed of Trust on your home, and possibly receive other homeowner relief, including fees.

Mortgage modification and predatory lending practices are complex areas of law, and consumers should beware of trusting non-legal professionals to deal with these complicated legal issues. 

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