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Posted On: May 19, 2010 by Scott Sagaria

Mortgage Modification and Bankruptcy

A San Jose Bankruptcy attorney comments on Mortgage Modification and Bankruptcy

One of the hottest new trends in the mortgage market is what is called a mortgage modification. A mortgage modification is when the lender, or mortgagor, sits down with the borrower, or mortgagee, and renegotiates the terms and possibly the amount of the current mortgage. A mortgagor is inclined to at least attempt a mortgage modification for the simple reason that as currently stands, the mortgagee cannot pay its mortgage and the lender is virtually without profit on the loan. The lender then has to go through the lengthy and somewhat expensive process of judicial foreclosure.

Mortgage modifications are rare however. Often times, borrowers attempt to go after a mortgage modification alone. A lender can take advantage of this as it is likely the individual attempting the mortgage modification is inexperienced and not as knowledgeable in the real estate field.

Another common trend arising is to see borrowers attempt a mortgage modification while preparing for a chapter 7 bankruptcy. This added pressure by the borrower of threatening to file bankruptcy and discharge his or her debts causes the lender to think twice about the mortgage modification. This is furthered by the 90-day automatic stay of bankruptcy. It is best to consult an attorney or legal professional before attempting a mortgage modification.

If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. After you have spoken with one of our downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!

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Posted In: Bankruptcy News , Foreclosure

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