Foreclosure And Loan Modification

Protecting People's Homes in West Tennessee

If you are in danger of losing your home to foreclosure, you have probably already started getting a lot of advice. But how much of that advice is coming from people who truly understand the system and who have your best interests at heart?

I'm Steven Bilsky, a Memphis-based attorney with more than 30 years of experience helping clients stop foreclosure and achieve debt relief. If you are looking for a lawyer who will give you honest advice on your options, contact me today to schedule a free consultation.

Putting an Immediate Stop to Foreclosure by Filing Bankruptcy

These days, many mortgage companies are willing to negotiate loan modifications. However, at the same time that they are negotiating, they may be preparing for foreclosure. Filing bankruptcy makes it impossible for your bank to foreclose until your bankruptcy case is over.

  • Chapter 13 bankruptcy allows you to put your arrears — missed and late payments — on a repayment plan with no interest or penalties. This can be particularly helpful if you've fallen behind on your mortgage due to a layoff or other temporary loss of income.
  • Chapter 7 bankruptcy can eliminate other debts such as credit card balances and may give you leverage to negotiate a loan modification agreement. If you do need to give up your house, Chapter 7 bankruptcy will allow you to walk away without a deficiency judgment.

Every case is unique, but depending on your individual situation, bankruptcy may be the best way to not only stop foreclosure in the short-term but also save your home in the long-term.

Providing Accurate Information About Loan Modification

The point of loan modification is to create a payment plan that you can afford so your bank can get its money and you can keep your home. In the current economy, loan modification often involves turning subprime adjustable-rate mortgages into fixed-rate mortgages.

The federal government is currently trying to reduce foreclosures by offering loan modification assistance through the Home Affordable Modification Program (HAMP).

Unfortunately, there are a lot of loan modification scams out there that give people misleading information. It is important to get accurate advice about loan modification and bankruptcy before making any decisions. Don't hesitate to contact me to discuss your options.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.