It is not out of the ordinary for a Tennessee homeowner to get behind in monthly payments if he or she is experiencing financial difficulties. Sometimes, there may be options available to help resolve the problem, but the homeowner may not know where to turn to for support. That’s why it’s always a good idea to speak with someone who is well-versed in issues such as mortgage modification and bankruptcy.
Resolve debt problems without losing your home
These two debt relief options often go hand in hand. Anyone who has ever gotten a foreclosure notice in the mail understands how stressful it is to be unable to keep up with mortgage payments. If your monthly payments are too high for your current income status and your liabilities exceed your assets, you can request a mortgage modification in conjunction with filing for bankruptcy.
Restructuring your home loan may be the key to debt relief
If your lender agrees to modify your payment schedule, you’ll continue to make mortgage payments. The difference is that instead of high payments that exceed your available funds, you will make lower payments over a longer period of time until your debt is paid in full or until you’re able to resume making payments according to your original payment plan. In conjunction with filing for bankruptcy, such options can provide a comprehensive solution that not only resolves your mortgage problems but your entire financial crisis, as well.
Never hesitate to reach out for additional support
Sometimes a mortgage company denies a mortgagor’s request for loan modification when, in fact, it shouldn’t. By enlisting support from an experienced bankruptcy law attorney, you can be confident that your mortgagor rights will be protected. The law firm of Richard Banks & Associates is committed to providing strong support in all aspects of bankruptcy, including mortgage modification, foreclosures and post-bankruptcy credit restoration.