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The Mortgage Note Mod Company believes if there is a will then there is a way to stop the foreclosure process. Our team will help accomplish your goals whether it’s to keep or sell your home property.

Affordable Repayment Plan
Mortgage Loan Modification
Pros and Cons of Loan Modification Agreements
Restructured Mortgage
Mortgage Refinance
Forbearance Agreement
Deed-in-Lieu of Foreclosure
Reinstatement Plan
Foreclosure Lawyers



Mortgage Rate Reduction
Loan Modification
Lien Stripping
 
 
The Mortgage Note Mod Company can help you maintain your homeownership by negotiating on your behalf directly with the bank that services your loan.



Bankruptcy vs. Modification
Negotiating with Loss and Mitigation
Short Sale Considerations
Foreclosure Laws
 
 
Our legal and negotiating expertise can help save your house while reducing financial stress burdens.
Predatory Lending Lawyers
Truth in Lending Law
Stopping a Foreclosure with a Loan Modification



Consumer Protection Advocates
Mortgage Resources
FHA Mortgage Lenders
Loan Blogs
Hope Organization
 

Loan Modification versus Bankruptcy Option

 

The recent foreclosure epidemic has caused millions of American homeowners to scramble for more affordable home loan terms. Whether it's a rising adjustable rate, loss of income, loss of equity or simply a poor decision to borrow money, people need loan revisions and very few people are able to accomplish that with the traditional method of mortgage refinancing. Mortgage loan modifications occur when a mortgage lender agrees to modify terms in accordance with their borrowers request. Most loan modifications happen after a borrower requests a payment reduction and the loss and mitigation department of the lender agree to the terms. Loan modifications have become a critical tool employed to prevent foreclosures.

Bankruptcy is a legal action filed by a consumer who is unable to pay his or her monthly debt payments. Bankruptcy formally stops all civil proceedings against the debtor while in bankruptcy. According to BK law, lenders must suspend their legal actions and this includes foreclosures. However, the lender still has the option of filing for an exception from the automatic stay. If the relief is granted the lending company is authorized to proceed with the foreclosure action. Bankruptcies do not always prevent or delay foreclosure and it does not necessarily enable the homeowner to remain in possession of the home unless the pay the deficiency owed to the lending bank. However, in most cases a bankruptcy will delay the foreclosure.

While bankruptcy does not stop foreclosure, it does have the ability to provide the consumer more time to find a solution to avoid the foreclosure. When a lawyer files the bankruptcy, it forces the lending company to dismiss or suspend their foreclosure.

If you are considering a bankruptcy to prevent or stall foreclosure, we recommend that you speak with a licensed attorney who specializes in bankruptcy and foreclosure prevention. Matt McCormick is an attorney with proven results for stopping foreclosure proceedings. Matt has partnered with the Loan Modification Outlet in an effort to provide legal advice and loan modifications.

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