If you are behind on your mortgage payments or facing potential foreclosure, you may feel as though the last refuge in your life is being taken from you. Perhaps you are trapped underneath a mountain of debt. Perhaps you are already suffering the indignity of ceaseless creditor harassment. Perhaps your monthly mortgage payment is simply no longer affordable.
Fortunately, you are not stuck. A number of solutions may be available to help you keep your home. By pursuing a loan modification or refinancing your mortgage, you may be able to lower your monthly payments, which in turn can ward off foreclosure.
A loan modification is simply a restructuring of the loan to provide more favorable terms for your situation.
To qualify for a loan modification, you must demonstrate that you are in dire financial straits. This requirement can be difficult to establish. In many cases, pursuing a loan modification will be fruitless unless you first file for bankruptcy. Filing bankruptcy will give you the leverage you need to demonstrate that a modification is truly needed.
It is important to remember that the bank is not on your side. The bank is looking out for the bottom line, not for your interests. Thus, you need an advocate who can not only guide you through the process, but also ensure that your rights are not trampled.
James T. Marasco is a lawyer dedicated to helping people like you work toward a brighter tomorrow. As a native of Rhode Island with more than 30 years of legal experience, he has helped numerous people achieve a better future through bankruptcy. He can help you, too.
Rest assured that there is a light at the end of the tunnel. Our firm will work tirelessly to protect your interests. We are 100 percent committed to improving clients' lives.
Schedule a free initial consultation with attorney James T. Marasco to have your questions answered and start on the road to a better future. We can be reached online or by telephone at 401-421-7500 (Providence) or 401-789-1800 (Narragansett).
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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.