Loan Modifications Are No Guarantee of Retaining Your Home

Loan ModificationA recent article that I came across details how many debtors are beginning to default on their FHA modified home loans after their modifications at a high rate. When seeking the advice of a foreclosure defense lawyer for the purpose of negotiating a loan modification, they are hopeful that they will be able to retain their home for a very long time. However, for some homeowners things are not working out exactly the way that they had planned, even if their loan modification is approved.

Attempting to obtain a loan modification can be time consuming and take several months to approve, and that’s if you are even qualified for a loan modification. If you are somebody who is unemployed or your income isn’t what it used to be, it may be hard to qualify for a loan modification that you can afford. If you realistically don’t think that you will be able to afford your payments, it may not be worth it to attempt a loan modification which can be costly and time consuming. If you are worried about being liable for the debt associated with a foreclosure, you should know that in Washington State, debtors will not be liable on debt associated with a first mortgage on a primary residence. If you are facing foreclosure and have a rental property or second mortgage associated with the property you may still be liable for the debt. In this case you may want to consider filing for bankruptcy and seek out a bankruptcy attorney in order to get a fresh start and discharge yourself of the liability associated with the debt. Filing for bankruptcy is not for everybody, but for many it makes the most sense if you are somebody with a large amount of debt and struggling to pay your normal living expenses every month.

If you have additional questions regarding obtaining a loan modification in the Seattle metro area, schedule a fee consultation with Symmes Law Group at 206-682-7975

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