How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2815
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
Type Your Bankruptcy Law Question Here...
Terry L. is online now
A new question is answered every 9 seconds


Customer Question

Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 7 years ago.
A loan modifiation is thru your own lender, modifying the terms of the current loan. If they are unwilling to offer them, then you need to look at other options.
You can look to refinance with another lender, thereby starting a whole new loan with another company who will pay off the current loan, and perhaps offer you better interest rates. You can sell, or you can look into a chapter 13.
With the chapter 13 bankruptcy, you can cure arrears if you are behind. However, a chapter 13 doesn't change your current mortgage terms.