What is a loan modification?
A loan modification is a change to the existing terms of a home loan. When a person obtains a loan modification, the lender may lower interest rates, increase the duration of the home loan, decrease the principal balance, eliminate late fees, increase the term of the loan (resulting in lower payments) and capitalize payments that are in arrears.
Can loan modification help me avoid foreclosure?
Yes, in some cases, loan modification may help a person avoid foreclosure. After a person has the terms of his/her home loan modified, he/she will be able to make mortgage payments that are well within his/her budget, which will stop impending foreclosure. We also offer foreclosure defense work in those situations where foreclosure is imminent.
What is Chapter 7 Bankruptcy?
Chapter 7 Bankruptcy is a form of bankruptcy in which a person will liquidate his/her personal assets to repay creditors for unsecured debt.
What is Chapter 13 Bankruptcy?
Chapter 13 Bankruptcy is a type of bankruptcy that is filed for by consumers who wish to repay their debts with their income instead of liquidating their personal property or assets. In order to meet eligibility requirements for Chapter 13, people must be able to prove that they have sufficient income to repay their debts and must not have a large amount of debt.
Why should I work with Stead Law ?At Stead Law we have years of experience in consumer law, real estate law, and bankruptcy. The attorneys in our law firm are dedicated to protecting your rights, solving your mortage or related issues and providing you the legal representation that you need.