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Contact David Lutz directly for fast answers to your Bankruptcy Law Questions at the Office at (248) 624-5500, on his cell phone at (248) 535-2520, or by email at david@ambroselawgroup.com.
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| FORECLOSURE |
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LOAN MODIFICATION
In order to qualify for a loan modification you need a credible reason for falling behind on payments and be able to demonstrate your ability to pay. There must be a hardship that caused you to fall behind on your payments, or is going to make it impossible for you to make the monthly payments.
Some examples are:
- Medical Emergency- If you or a family member had medical bills that caused you to fall behind, this may qualify as a hardship that caused the problem. A loan modification on your mortgage would make sense, since the alternative might be that you default on your loan.
- Loss of Employment- This doesn’t mean that you left your job or started working less hours. If you were terminated from a previous job and found new employment, but for less pay, this may be a viable reason that you were not able to make previous payments but could now pay on a modified plan.
- Education/Training- You may have been struggling because of a degree or certification you were completing. If you now have new employment due to attaining that status, there may be a viable reason for modification.
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BANKS WANT THE BEST WAY TO GET PAID. PERIOD! |
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Banks take the approach that if you are more likely to be able to pay than to default, you are a viable candidate for a loan modification. Emotion is hard to avoid when family troubles hit home, but keep in mind that the stronger argument is made with facts. It may be true that you are a person of your word, but the bank is dealing with thousands of people that make the same claim. An attorney can help you present your reasoning with sound and reasonable facts to support a modification. |
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IS A LOAN MODIFICATION MY BEST OPTION? |
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You make the ultimate and final decision on the best course of action. We can assist in making that decision by discussing your current and future finances. No attorney or financial guide can know with certainty which option is guaranteed. In the end, you do want to make an informed decision that is not guided by desperation or a sense of hopelessness.
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PREDATORY LOAN MODIFICATION COMPANIES |
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Be aware that some companies exist only to convince you to attempt to modify your loan. The reason is that they cannot handle your bankruptcy case or assist with purely legal matters. Attorneys can discuss many more options with you, since they have the ability to follow through with those options. If you decide, for example, that Bankruptcy might be in your best interest, it’s comforting to know that the same person you have been working with will be able to file your petition and appear with you in court. More importantly, your attorney will not pressure you to choose any particular option, since we are able to assist with most of them. |
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News Article: Homeowners Left Out in the Cold
(click for article about predatory loan modification) |
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