Getting help and avoiding personal bankruptcy as a result of a looming foreclosure is possible. Every situation is unique, but if you’re facing foreclosure as a result of an out of control mortgage payment you could find financial relief with loan modification.
When you get to a certain point in your financial stress when dealing with the looming prospect of a foreclosure there comes a time when bankruptcy is considered an option to avoiding foreclosure. It is widely believed that less than 5% of people who file for bankruptcy actually avoided the compounded pain of foreclosure. Then consider that you are stuck with a foreclosure and bankruptcy, all because you didn’t consider or know about an alternative to bankruptcy: loan modification.
Many people try to avoid a foreclosure or a bankruptcy to keep their credit in good measure, but these people tend to think a loan modification would affect them the same way. While at some points in time a loan modification may negatively affect your credit, the modification of a mortgage can eliminate the need of filing bankruptcy to stop foreclosure and allow you the opportunity to get back on your financial feet.
The government has tried to enforce rules in the last year or so to make it so that a loan modification does not strongly impact your credit in a negative way. While some credit bureaus or financial institutions may not follow suit as well as the feds would like, the fact remains that a loan modification is not a huge slam to your credit at the current time.
Loan modification is not something you want to do just because you want to do it, but it is definitely better for your short and long term goals than a bankruptcy or foreclosure.
Stopping foreclosure can be achieved with a mortgage modification. Avoiding bankruptcy and preventing the loss of your home can be accomplished with a modification of your home loan. Bankruptcy is expensive in more ways than one. Take a moment now and contact us at the Law Firm of Thomas J. Sherwood by phone at 813-612-5697 or 877-246-4486 or by email at sales@tsherwoodlaw.com. Get the help you need today! Call Now!
