Mortgage Modification Program
A mortgage modification is different from refinancing your mortgage. Refinancing entails replacing your loan with a new mortgage, whereas a loan modification changes the terms of your existing loan. Through the bankruptcy process you may elect to participate in this program which has court oversight and an appointed mediator ensuring that the lender reviews your application in good faith. Typically, outside court oversight, the modification process can be long and frustrating. The benefit of utilizing that bankruptcy court mortgage modification mediation program requires that all documents are submitted via a secured web portal and strict deadlines are enforced thereby streamlining and expediting the process.
Not everyone can or will qualify for a loan modification. However those who are employed and have not previously modified their loans in the last few years stand a good chance of success. If you are self-employed the approval may be more difficult but there are strategies that we can employ to boost you chances of success.