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Law Girl
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Category: Bankruptcy Law
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i wanted to find out if the government bail out would help someone who is already in

Resolved Question:

I've had trouble making my house payments due to more financial dilemna during my BR. Will a mortgage co give a person such as us help like putting us on a much lower interest or put my behind payments at the end of my loan or make my loan a 40 year instead of the original 30 year. loan is 5.5 years old and the house value has dropped due to the economy but it's the only home we have and we don't want to lose it. We're in the real estate industry and of course you probably know how bad we've been impacted by all of this. When my husband talked to some at the mort co the woman said he needed to get the house out of the BR first then talk to them about making any of those ideas work. We're scared to do that. What do you think??
Submitted: 8 years ago.
Category: Bankruptcy Law
Customer: replied 8 years ago.

Texas


Already Tried:
Nothing except call the mort co that one time. Our attorney is impossible to reach and his paralegal never calls us back so we don't know where to turn for answers. Someone told my husband there's a website we can go to to try and get help from the gov bail out program but we can't figure out what website that is. Do you know?
Expert:  Law Girl replied 8 years ago.

Thank you for your question.

 

Some lenders have the option to modify your loan. In this instance, the lender reviews the terms of your loan and tries to work something out with you with regard to modifying your loan to terms that you are more able to handle. However, this is done at the lender's discretion. It may be hard to find out your options while the property is in bankruptcy. However, once you pull it out of bankruptcy, you have no guarantee that modifying your loan will be possible.

 

There are many companies that will offer you assistance in trying to get your loan modified. However, many of them charge a fee.

 

Here is an interesting article on modifying your own loan:

http://www.ehow.com/how_4551527_modify-mortgage-loan-modification-free.html

 

Please let me know if you have any other questions, or require clarification. Otherwise, please hit "ACCEPT", so I may receive credit for my efforts.

 

Good Luck!

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