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Posted On: August 31, 2010 by Scott Sagaria

What is a Loan Modification?

A San Jose bankruptcy attorney answers: What is a Loan Modification?

A loan modification is requested most often when a borrower has either fallen behind on his or her monthly obligations or the borrower simply cannot afford to continue making monthly payments at the agreed upon obligations due to an increase in APR or some other factor. Loan modifications are very difficult to obtain and are not part of any court’s jurisdiction. Therefore, the judge cannot order the lender to even attempt a loan modification. A loan modification will usually lessen the interest rate while packing all the arrears to the end of the loan. Most times this will cause the borrowers monthly payments to reduce. There are several loan modification companies out there to assist in the loan modification process, but ultimately the decision lies with the lender and their financial interpretation of the borrower.

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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