Columbia Chapter 13 Bankruptcy
Lawyers Helping You Keep Your Home
The mortgage payment is the biggest bill most individuals and families have each month. A manageable mortgage payment can make an enormous difference not just in a family's finances, but in each family member's stress level and general outlook on life as well. In fact, a manageable mortgage payment can mean the difference between keeping the family home and losing it in a foreclosure.
Unfortunately, illnesses, job losses, layoffs, oversized mortgages and other factors are leaving more and more Tennessee families on the outside of their homes, looking in.
At The Law Offices of James A. Flexer, our bankruptcy lawyers use our experience and knowledge of the U.S. Bankruptcy Code to help people in Middle Tennessee keep their homes whenever possible, while gaining the debt relief they need to regain control of their finances. Contact us today for a free consultation with an experienced bankruptcy attorney. We have offices in Nashville, Murfreesboro and Columbia.
Loan Modification
The housing boom created huge amounts of home equity, at least on paper. It also created a number of clever mortgage instruments (including adjustable rate mortgages, or ARMs, and interest-only loans) that were designed to help homeowners use as much of that paper equity as possible. When the market crashed — and the economy tanked right along with it — tens of millions of Americans were left with mortgage terms and payments they simply could not afford or never should have been given in the first place.
One option for dealing with high interest rates and oversized mortgages is home loan modification. Unfortunately, most lenders don't much like the idea of lowering interest rates and payments or lengthening the period of repayment. Many, in fact, aren't even willing to negotiate. The simple act of hiring an attorney and filing for bankruptcy, however, may help convince your lender that your situation is serious.
Other Options
Bankruptcy allows most people to keep their homes. Whether you'll be able to keep yours, with or without a loan modification, will depend on your situation. Here are just a few examples of other potential options:
- If you are able to make your future monthly mortgage payments on time, you can pay late or missed payments as part of your Chapter 13 bankruptcy payment plan.
- In certain circumstances, you may be able to "lien strip" second or third mortgages. This option essentially turns a "secured debt" into an "unsecured debt," which can be partially or completely erased as part of your Chapter 13 plan.
To learn more about bankruptcy, mortgage loans and the options you have for keeping your home, contact us for a free consultation with an experienced lawyer.
