Loan Modification Programs As An Alternative To Bankruptcy
For many clients who come to Kurland Law Group, bankruptcy may not be the answer to a pending foreclosure. By spending time with clients and identifying their individual needs, our loan modification lawyers employ strategies that many times do not involve a Chapter 7 or Chapter 13 filing.
Maryland is no different than any other state. Residents are facing financial problems and falling behind on their house payments. Continuous calls from a lender lead to more serious actions involving a notice of foreclosure. Options outside of filing bankruptcy or giving up the property seem nonexistent.
Stop Foreclosure Through The Making Home Affordable Program
Programs do exist outside of bankruptcy that not only stop the foreclosure process, but also make monthly payments more affordable. In recognition of the struggles that many face, the Obama administration introduced the Making Home Affordable program for struggling individuals looking to modify or refinance their mortgage. To qualify, clients must be:
- Behind on mortgage payments
- Unable to make new payments based on rate changes or escrow adjustments
- Suffering a financial hardship that can be documented
- Willing and able to make more reasonable payments
At Kurland Law Group, our Rockville attorneys help clients enter into new mortgage agreements with their lenders. We facilitate negotiations and find a middle ground that works for both parties. Clients’ best interests are served by avoiding foreclosure and protecting their credit ratings and home equity. Banks do not have to deal with property that has lost value, affecting their profits and bottom line.
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For more information on loan modification programs, contact Kurland Law Group at 301-284-0867 or by e-mail.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.