What Is a Loan Modification?

The economic downturn has hit people from all sides, bringing unemployment, job loss, reduced home values, even resulting marital and health problems. We address financial problems from all sides. We offer various bankruptcy options, a wealth of good advice, and solutions including loan modification when appropriate.

Negotiation

There are multiple parties involved in debt situations, including multiple creditors, yourself, and perhaps a bankruptcy trustee. Debtors often have trouble getting cooperation or answers when they try to negotiate, or even getting to talk to the right party. When we get involved, negotiating with lenders often becomes possible and effective.

Lenders are now more willing than ever to negotiate and modify loan terms, including interest rates. They don't want to foreclose and take your home, to add to all the homes they are already trying to re-sell. However, they look at your situation realistically: will a better payment amount really allow you to keep your home, or will they have to foreclose anyway, in the near future?

Solutions

What is your situation? Are you "house poor"? Is your home loan overwhelming? Have you lost your job? Do you have other debts you cannot pay? We can advise you as to whether loan modification is likely — or helpful to you. Our experience allows us to see all of your options, and to offer solutions. Loan modification may be part of a larger solution to your situation. Bankruptcy may or may not be necessary or right for you.

Ohio Bankruptcy Lawyers

Be advised, many "bankruptcy law firms" handle nothing but bankruptcy. But that doesn't mean they have the experience and knowledge that our firm has. Yes, bankruptcy is all we do, and our attorneys' pure bankruptcy experience totals more than 50 years.

Contact the Akron and Canton Ohio bankruptcy attorneys online or call 330-253-1555 or 888-542-1300.