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What is a mortgage modification?

On Behalf of | Dec 17, 2014 | Asset Forfeiture |

If you are unable to meet your mortgage payments each month and have gotten several months behind on your payments, you are probably terrified of losing your home to foreclosure.

The good news is that there are options available to Wisconsin residents in this situation that could help you save your home.

One of the options is obtaining a mortgage modification. A mortgage modification has to be approved by your lender and involves negotiating a lower monthly mortgage payment or loan principal that you can manage. 

Even though the modification is worked out with the lender, our firm can direct you to programs that can help with the process, such as Marquette University’s mediation program that serves as a go-between for homeowners and mortgage companies.

Unfortunately, mortgage modifications aren’t always successful, even when homeowners have been putting forth a valiant effort. In these cases, homeowners still have another option that may help them save their homes from foreclosure.

Chapter 13 bankruptcy involves the process of reorganizing debt and can put an immediate stop to foreclosure.

Unlike Chapter 7 bankruptcy, which results in an outright discharge of liabilities, Chapter 13 involves devising a plan that allows you to pay back some or all of your debt over the course of three to five years.

Chapter 13 bankruptcy is common among Wisconsin residents who are behind on their mortgage payments (or their car payments) and want to keep their home (or car). Chapter 13 bankruptcy is an option when people do not qualify for the income limitations of Chapter 7 bankruptcy.

As you can see, there are several options available to people who cannot keep up with their mortgage payments, so there is no need to panic. Instead, it’s wise to take action right away to find a solution to your problem by working with an experienced bankruptcy attorney in your area.


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