Bankruptcy or Loan Modification

Many clients who call our office are behind on their home loan payments.  Some want to achieve a loan modification to lower their monthly house payment while others want to file a bankruptcy to wipe out unsecured debt, enabling them to afford their house payment.

There are actually many reasons why a loan modification makes sense:

  1. Your income may have decreased;
  2. You are paying an above market interest rate;
  3. Your house is worth much less than you owe on it;
  4. The payment is simply too high.

Our office has the experience to advise you on what is the best next step.  Sometimes it is best to file a bankruptcy before seeking a loan modification.  Other times it is advisable to seek a loan modification and entirely avoid bankruptcy.

You can contact Toledo, Ohio based Attorney Fred Boyk for a FREE consultation at (419) 327-6160.