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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:
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