A loan modification is a change made to the amount that one may have to pay monthly. It is also known as a mortgage modification, a workout plan, and “restructuring.” One may get a loan modification if the borrower is facing financial hardships or has an issue keeping up with monthly payments. A loan modification sets up payments so that the borrower can comfortably pay back what he/ she owes. The lender may let this happen in a variety of ways. Lenders can allow homeowners to pay at a lower interest rate, skip payments, and possibly even extend the term of a plan so that the monthly payments are less.
If you are having trouble keeping up with monthly payments, and want to avoid foreclosure, come in for a consultation. New York Top Attorney Elaine Fridlin may be able to help. Call (718) 372-4400 for more information or to schedule your appointment today.
If you are in over your head with debt, and can’t pay your bills, filing for Chapter 13 Bankruptcy may be the solution to your problems. Although filing for bankruptcy is a scary thought at first, this tool is created to work with you and your debt instead of creating more.
Chapter 13 Bankruptcy makes way so that you and your family’s debts are adjusted according to your income. You can keep your property and have a three to five year window of time to pay back a portion of your debt without any interest or fees.
“What good is it if I’m still paying back my debt after five years?!” Chapter 13 bankruptcy allows you to pay what you can afford. You have the chance to meet with an experienced attorney who will sit down and map out what is possible to pay back with your income. It won’t be such that you’re expected to pay $2,000 dollars a month for example, and only get paid $1,500 monthly.
Secondly, your property is protected. Since you are making a working effort to pay back your debts, in most cases you won’t have to give up your car and your home won’t go into foreclosure.
Last but not least, after your three to five year time frame is up, debts you do not pay in full are discharged and forgiven. If you are considering filing for bankruptcy, hiring an experienced bankruptcy attorney is your best option. Pick someone who is knowledgeable, will let you know of your risks and who will walk you through the process with as much ease as possible. Contact Elaine Fridlin at Fridlin & Associates, P.C. to set up a free consultation today.
Fridlin & Associates, P.C.
1517 Voorhies Ave, Suite 4
Brooklyn, NY 11235