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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2889
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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Customer Question

Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 8 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.

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