Waco Home Loan Modification Attorney
When financial problems occur, many families are unable to make their home mortgage payments and the result is that many people in Waco are in danger of losing their homes. Under government programs for home loan modification, such as the Home Affordable Modification Program (HAMP), we have successfully negotiated reduced interest rates and even forgiveness of some portions of the mortgage debt for Waco clients and that has enabled them to retain their homes. Our negotiations have resulted in mortgage companies agreeing to place the missed mortgage payments at “the end” of our client’s notes. We have also negotiated interest rates for modified loans to as low as 3%!
Many bankruptcy attorneys believe that the only way to retain a home from a threatened foreclosure sale is for the client to file a three to five year Chapter 13 wage garnishment bankruptcy. We simply and strongly disagree.
We help clients apply for home loan modifications. Many times we apply for a home loan modification and also file a Chapter 7 bankruptcy case which enables the client to retain their home, reduce their home mortgage payments and get discharged from virtually all of their unsecured debt.
If an attorney has informed you that a Chapter 13 three to five year wage garnishment is the only way to retain your home from an upcoming foreclosure sale, please see us for a second opinion.
We have also found that most individuals that attempt to apply for a home loan modification without an attorney are unsuccessful in obtaining a modification of their home loan. These modification applications and negotiations are complicated, frustrating, and do involve complicated laws and regulations. Assistance from a Waco attorney, who is knowledgeable of the HAMP regulations, Texas foreclosure law, and bankruptcy law and procedure, is critical to successfully modifying your home loan. Our firm also looks at all of your other debt, such as tax debt, student loans, credit cards, pay day loans, etc., and develops a strategy to address all of these debts and get you back on the road to a financial fresh start.
Waco Home Loan Modification Lawyer
You should only file a Chapter 13 to save your home as a last resort. If you are in danger of losing your home through foreclosure, please call our offices in Waco and let Erin Shank, the home loan modification attorney, and her team propose a far better solution to you and your family. Call and schedule a free initial consultation in Waco at (254) 296-1161. You will be so glad you called!
Home Loan Modification Attorney FAQ
Can I still apply for HAMP?
As of December 2016, the Home Affordable Modification Program has ended. The old program supported homeowners who were having difficulty making their mortgage payment as the housing industry suffered. No new applications will now be accepted. It is worth noting that the Home Affordable Refinance Program (HARP) has been extended until the end of September 2017. Even though HAMP has ended, home loan modification can still prevent a foreclosure. The process of modification can still prove beneficial to the creditor and the borrower, but it can be difficult to navigate the complex process of applying for a modification. Now more than ever homeowners struggling financially can use the help of a skilled home loan modification attorney.
What documents will I need to prepare for a home loan modification?
Applying for a home loan modification requires extensive documentation of your financial state and the current status of your mortgage. You can save time if you prepare some of the necessary items before you meet with an experienced attorney. For reference, you should bring any correspondence you have received from your creditor, lender, or mortgage company. You may have received notifications of delinquency in addition to offers of loan modification—bring any official letters you have in your possession. Bring your mortgage statement, as well. Additionally, bring bank statements from at least the past two months. This will help you and your attorney determine your financial situation. Bills and tax returns will help with this, too. You should also come with recent paycheck stubs or other proof of income statements.
Will mortgage modification hurt my credit score?
In the short term, it depends on how your mortgage lender reports your modification. This is something your lawyer can help you determine, prepare for, and work through. If you are considering mortgage loan modification, you might be deeply concerned with their credit score. Sometimes it feels like your credit score determines how you can live your life—a low score could keep you from getting a loan or vastly increase your interest rates. Luckily, a mortgage loan modification can actually help you rebuild good credit after you finalize the deal. You can establish good credit by paying your reduced mortgage every month.