December 7, 2010

What is a Mortgage Modification?

A San Jose bankruptcy attorney explains mortgage modifications.

When are person is having trouble paying their monthly mortgage payment, there is one option called modification. This will allow you to keep your home and hopefully keep from filing bankruptcy. You are seeing some lenders taking 30 year mortgages and extending them to 50 years. This lowers your monthly payment, but increases the interest you pay on your home. The hope in this case is that the real estate market recovers and you can sell your home well before the 50 year period is up.

When doing a mortgage modification, be cautious of large upfront fees. A legitimate company may ask for a small processing fee, but a lot of the fees can be built into the new loan agreement. It's a good idea to ask your lender who they recommend and go from there.

If you would like more information on this topic or other bankruptcy topics, please contact our San Jose office at 408.279.2288 or 1800.941.6730. We at Sagaria Law can connect you with one our our experienced San Jose bankruptcy attorneys. We have bankruptcy attorneys located throughout California and Oregon to assist you with your bankruptcy questions. If you need assistance regarding a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, a cram down, stopping a foreclosure or wage garnishment, asset protection, discharging debt, etc. we can help! Please contact us to receive a free consultation or visit our website at www.sagarialaw.com to request an in-person consultation with an experienced bankruptcy attorney. We have an exceptional team of bankruptcy lawyers, bankruptcy client care specialists and bankruptcy staff supporting San Jose.

Posted by Scott Sagaria | | Email This Post | Comments (0)

Posted In: Loan Modification

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November 19, 2010

Chapter 11 Loan Modification

A San Jose bankruptcy attorney comments on Chapter 11 bankruptcies and loan modifications.

Chapter 11 bankruptcy is a very common thing these days especially in the face of the foreclosure crisis that is currently going on in the United States. One part of this process that has happened also is Chapter 11 loan modification. This happens when a person who is currently going through foreclosure or bankruptcy proceeding has to have their loan modified due to complications with their original loan.

When it comes to bankruptcy, there is no limit to what a person can file as long as the courts deem it within reasonable bounds. If the courts see that a loan modification will work and that certain guidelines have been met, a chapter 11 loan modification will be put into effect. Essentially, there will be a new loan but most importantly, any kind of foreclosure action will be put to a halt. The most important thing to take into account though is that a very small percentage of these modifications are passed.

If you have a question regarding bankruptcy in San Jose please contact us at 408.279.2288 or 1800.941.6730 and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping, a cram down, asset protection, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist in all of these important areas. Please 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!

Posted by Scott Sagaria | | Email This Post | Comments (0)

Posted In: Chapter 11 Bankruptcy , Loan Modification

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July 15, 2010

I Need Help With My Loan Modification, CA resident!!!

A San Jose bankruptcy lawyer helps with "I Need Help With My Loan Modification, CA resident!!!"

What is a loan modification in CA? A loan modification in CA is when your lender agrees to modify the terms of the mortgage in order for you to afford your monthly payments and stop foreclosures. A loan modification in CA often requires the borrower to be in arrears on their monthly mortgage payments. When attempting a loan modification in CA, since you usually must allow your mortgage to default, it is wise to place each monthly mortgage payment into a savings account should the modification not go through. That way, your loan modification failure can be easily cured and you will not lose your home. When considering a loan modification in CA, lenders often look at the amount owed, the equity in the house (if any), and the borrower’s ability to continue to make monthly payments. Though not often obtained, a loan modification in CA help to alleviate California’s number one ranking on the foreclosure charts.

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!

Posted by Scott Sagaria | | Email This Post | Comments (0)

Posted In: Foreclosure , Loan Modification

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