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Tips for Getting a Loan Modification


Even the most conscientious of homeowners can suffer from financial misfortune arising from unforeseeable events such as divorce or major medical expenses. If you've been having trouble making your mortgage payments, a loan modification may help. You can consult a bankruptcy attorney in Hackensack to determine whether you might qualify for a loan modification. Your bankruptcy attorney can provide expert legal advice to help you navigate the process. Submit a Complete Application When applying for a loan modification, your lender will request that you submit a variety of documents as evidence of your financial situation. For example, you may need to submit the original mortgage loan documents in addition to documents pertaining to your credit history, proof of hardship circumstances, current income, available assets, and recurring expenses. It's critical to submit every document your lender requests; otherwise, your loan modification is likely to be rejected. Additionally, be sure that each page is in pristine condition, and is clearly labeled with your full name and loan number. Turn Over Tax Returns One major reason why homeowners may be turned down for a loan modification is lack of proof regarding their income. It's important to release your tax returns to your lender in a timely manner. You can do so by signing IRS Form 4506-T. Follow Up Frequently After applying for a loan modification, you or your bankruptcy attorney should call the lender on a weekly basis. Ask about the status of your proposed loan modification and make sure that your file is complete. If your circumstances have changed, you'll need to update your lender. Ensure the Modification is Sustainable A loan workout, or modification, must be sustainable on a long-term basis for it to help you. Discuss the proposed terms with your bankruptcy attorney and consider whether it is a feasible plan. The team at Low & Low Bankruptcy Lawyers is dedicated to helping NJ residents improve their financial futures through loan modifications or bankruptcy. With more than 40 years of experience in this specialized field, you can rely on our bankruptcy lawyers to provide you with the knowledge and resources you need to move forward. To schedule your consultation with a bankruptcy attorney in Elizabeth or Hackensack, call (201) 559-9999.


Get the Facts: Loan Modifications [INFOGRAPHIC]


Are you facing foreclosure? If you’ve fallen on difficult financial times, there is a solution that could allow you to keep your home: loan modification. With a loan modification, you get to change some of the terms of your mortgage loans to make your payments more affordable. There are a few requirements for being approved for a modification, including being able to prove that you’re facing a loss of income that is causing a financial hardship and that renegotiating your loan will result in a payment schedule you can afford. Low & Low Bankruptcy Lawyers, a firm that provides loan modification services in the Hackensack and Elizabeth areas, explains the process in this infographic. Let our lawyers help you apply for a loan modification, and when necessary, provide bankruptcy tips. You can help your fellow homeowners understand that they have options other than foreclosure when financial problems strike by sharing this information.


The Advantages of Chapter 13


When you meet with a bankruptcy attorney in Hackensack, you'll learn about the types of bankruptcy filings and you'll receive legal advice as to which might best suit your needs. If you have a steady income stream, your bankruptcy attorney may recommend filing for Chapter 13 bankruptcy. Under this type of bankruptcy, your debt will be restructured and you'll receive a court-ordered repayment plan. One of the advantages of Chapter 13 bankruptcy is that at the end of the repayment plan, your remaining debts will be discharged and you'll be able to rebuild your finances to get your life back on track. Another advantage of Chapter 13 bankruptcy is that it can help you save your home if you're facing foreclosure. After filing for bankruptcy, foreclosure proceedings are automatically halted. With the repayment plan, you'll have the opportunity to save your home by making up the delinquent payments over time, provided you continue to make your current mortgage payments. In addition, many debtors prefer Chapter 13 because it has provisions to protect co-signers and because debtors no longer need to engage in direct contact with their creditors. Have you been receiving harassing phone calls from creditors? Call (201) 559-9999 and let the team at Low & Low Bankruptcy Lawyers guide you through your bankruptcy options.


Knowing Which Type of Bankruptcy Is Right for You


Filing for bankruptcy isn't a simple process, which is why it's important to enlist the help of a bankruptcy attorney in Hackensack. Your bankruptcy attorney can explain the different types of bankruptcy filings. Two of the most common types of bankruptcy filings are Chapter 7 and Chapter 13. Your bankruptcy lawyers will review your unique situation to determine which type might be best for you. Considering Your Income It's important to disclose all of your financial information to your bankruptcy attorney. He or she will need to know about all of your income sources, including your wages, settlement payments, royalties, annuities, and any other source of income you have. If you have little income, filing for Chapter 7 bankruptcy is generally advisable. On the other hand, if you can count on a steady stream of income, you may be eligible for Chapter 13 bankruptcy. Income is essential for a successful Chapter 13 bankruptcy petition because you'll be expected to adhere to a strict, court-ordered repayment plan over a period of three to five years. Evaluating Your Property Your bankruptcy lawyer will require a list of your assets. These include tangible property such as real estate, jewelry, vehicles, boats, and other items, in addition to intangible property such as checking accounts, saving accounts, investments, pensions, and other retirement accounts. If you have significant assets, filing for Chapter 13 bankruptcy may be ideal for you because none of your property will be liquidated to pay your debts. Your bankruptcy attorney can advise you as to which types of property you'll be able to keep under Chapter 7 bankruptcy. Determining Your Eligibility Before making a final decision, you'll need to make sure you're eligible for a particular type of bankruptcy. If you can pass the means test or if your income falls below your state's median income, you're eligible for Chapter 7 bankruptcy. There are no such income requirements for Chapter 13 bankruptcy; however, your debts must fall below a certain threshold. If you still aren't sure what type of bankruptcy suits your needs, let the experts at Low & Low Bankruptcy Lawyers assist you. Residents of the Hackensack, Elizabeth, and Jersey City areas can reach us at (201) 559-9999 to schedule a confidential consultation. We also encourage you to visit us on the Web to read more about the advantages of filing for bankruptcy.


What Assets Can You Keep?


After filing for Chapter 7 bankruptcy with the help of your bankruptcy attorney in Hackensack, you may be worried that you'll lose all or most of your assets. It's true that bankruptcy laws allow for the liquidation of assets to settle your debts. However, most people who file for Chapter 7 bankruptcy are pleasantly surprised to learn that they can keep important assets. Exempt assets might include your vehicle, home, household goods and other personal property, and your retirement accounts. As you'll learn by watching this video, bankruptcy laws vary from state to state. It's best to consult a bankruptcy attorney to explore your unique situation and discuss which assets you may be able to keep. When you watch this video, you'll learn about some common exemptions and you'll hear how you might exercise control over which exempt assets you keep. Low & Low Bankruptcy Lawyers has been helping individuals throughout the Hackensack area rebuild their financial futures since 1965. Call us today at (201) 559-9999 and let us know how we can help you.


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