Saving Your Home Without Filing Bankruptcy
If you are behind on your mortgage payments in the New York City area, you may be considering filing bankruptcy to prevent home foreclosure. However, a loan modification may allow you to save your home without filing bankruptcy.
At the New York law firm of Shaked & Posner, our attorneys will counsel you about all of your debt relief options, including bankruptcy.
What are Loan Modifications?
With record numbers of homes facing foreclosure, most lenders are willing to negotiate rather than attempt to sell a foreclosed home in a depressed real estate market.
There are several ways that loans can be modified or changed. Here are some of the modifications our lawyers can help you negotiate:
- Changing the terms of your loan to make it more affordable
- Changing a home mortgage from an adjustable rate to a fixed rate
- Negotiating a forbearance agreement if you are unable to make payments for a period of time due to job loss or a medical condition
- Negotiating a short sale in which your lender will accept less than the amount owed on your mortgage as part of a sale
Chapter 13 Bankruptcy Options
If you do not qualify for a loan modification, Chapter 13 bankruptcy may be an option for you. Chapter 13 bankruptcy stops foreclosure and allows you to restructure your debt into a payment plan that you can afford.
Free Consultation with a New York City Attorney
Some lawyers are all about the law. At Shaked & Posner, it's people that matter. Contact us for an honest, no-cost evaluation of your case.
