When Loans Go Bad
It happens all the time. A home loan that started out as something completely reasonable eventually turns into something that doesn't make any sense.
For example, a $200,000 home may be purchased with the assistance of a $180,000 mortgage. Along the way, a second mortgage gets taken out for $200,000. Later, the value of the home drops to $175,000. Who is left tangled up in this mess? The homeowner.
At Ross & Schnarrs in Pottstown, Pennsylvania, our attorneys know how to clean up these messes by using a variety of mortgage modification techniques available during the bankruptcy process.
What Can We Do?
Different techniques are available, depending on the situation. In conjunction with a Chapter 13 or Chapter 7 bankruptcy, our lawyers may be able to:
- Use loan modification techniques to get the primary mortgage to match the actual current value of the home
- Use loan modification techniques to carefully strip away the second mortgage
At the Forefront of Bankruptcy Law
Mortgage modification during the bankruptcy process is not a common practice. At our law firm, we are committed to being at the forefront of the law by using challenging techniques to provide the best possible outcomes for the people we represent.
We know that people want to keep their homes, and that means keeping their mortgages too. For many, a mortgage becoming out of control is one of the problems that got them into financial hot water in the first place. We want to make sure it doesn't happen again by using loan modification techniques to make sure mortgages are reasonable.
Contact Ross & Schnarrs Today
Our attorneys are ready to discuss mortgage modification and bankruptcy. Contact us today to learn more about what we can do to help you overcome your legal troubles.
