Going through Chapter 13 can be stressful, but it’s easier with Mummert Law Firm on your side. We can help you get together a plan that will be acceptable to your creditors. Once you’ve completed that, you’ll start making payments. At that point, your mortgage company may let you enter into a Mortgage Modification Agreement with them.
What a Mortgage Modification Does
Having a mortgage modification agreement can mean a better interest rate, forgiveness of part of your mortgage note, lower payments, putting the arrears back into the mortgage, or some combination of those things. Getting a modification isn’t always easy, though.
If you have a Maryland Chapter 13 bankruptcy lawyer who can help you through the process, you’re much more likely to get your mortgage company to work with you effectively. That can ease a lot of your stress and make your future financial plans feel possible.
Getting Mortgage Modification Approval
Even if your mortgage company makes you an offer and you accept, your modification still has to be approved by the US Bankruptcy Court. Once you’ve been through that process, you may need to modify the terms of the original Chapter 13 plan you created. You may also be able to convert to Chapter 7, which will mean a removal of unsecured debt such as credit card and medical bills.
Changing over to Chapter 7 would allow you to reaffirm your mortgage at the modified amount, which could mean a much more comfortable payment for you going forward. That lower payment plus a removal of credit card bills and other debt could allow you to meet your obligations much more easily, and give you some room to breathe.
Attorney Timothy Mummert is dedicated to putting his clients first, and he’s standing by to help you. Give him a call today, and see what kinds of options you have in order to modify your mortgage and get your financial life back on track.