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:
- Your income may have decreased;
- You are paying an above market interest rate;
- Your house is worth much less than you owe on it;
- 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.