We live in trying economic times. High unemployment, a down economy, and other factors come into play, making it difficult for many to meet their current financial obligations. For many, making mortgage payments is the most challenging of all.
Do you struggle every month to pay your mortgage? Both Chapter 7 and Chapter 13 bankruptcy offer protections and options for homeowners looking to stop foreclosure. But bankruptcy is not always the best option. Some people can achieve the results they desire by working directly with a creditor to modify the terms of their loan, reducing the interest rate and lowering monthly payments.
Contact the Wright Law Offices to learn about your specific legal options. A Phoenix loan modification lawyer can help you determine if a loan modification is right for you.
Seeking a Loan Modification
Homeowners looking to modify their mortgages work directly with the lender to reach a mutually beneficial agreement. An agreement likely involves reducing interest rates or reducing monthly payments.
The Home Affordable Modification Program (HAMP) is a newer option available to homeowners at risk for foreclosure. This program is a part of the Making Home Affordable Program, which is a part of 2009's Financial Stability Act. If eligible, a homeowner can have mortgage payments reduced to 31 percent of his or her monthly gross income (while the government provides incentives to lenders.)
Homeowners in Phoenix, Arizona, turn to the Wright Law Offices for straightforward answers to their bankruptcy and loan modification questions. We can discuss your specific legal options based on your current financial situation and goals for the future. We may find that Chapter 7 or Chapter 13 bankruptcy is your best option to avoid foreclosure. But we may determine that a loan modification — while taking advantage of current government programs benefiting homeowners — is a better option.
Contact a Scottsdale Mortgage Modification Lawyer
Schedule a free consultation at one of our law offices in Phoenix, Scottsdale, Tempe, Avondale, Prescott, or Chandler. Call 480-269-9707 or contact an attorney online today.
