Home Loan Modification and Bankruptcy

If you are struggling with your home payments you may be able to get a bank approved home loan modification.

The government program is run through the Department of Housing and Urban Development. HUD has setup a website for dealing with the issue of home loan modification called Making Homes Affordable, http://makinghomeaffordable.gov/ .

Watch out for companies or lawyers that require a fee for home loan modification help. The government program is FREE and you should not be asked to pay. Remember “if asked to pay walk away.”

Getting a loan modification may reduce your monthly mortgage payment and prevent foreclosure. However, the process often takes several months to complete, and many individuals do not get a modification. If there is a foreclosure sale pending or if you have been contacted by a law office regarding home foreclosure you may not have enough time to complete the modification before the foreclosure sale.  

In this case you should consider filing bankruptcy to stop the foreclosure while you continue to work on the loan modification.


If you have facing foreclosure give me a call and we can talk about what can be done to prevent you from losing your home.