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There are 3 main ways to save your home from foreclosure:
Loan re-modification or mortgage modifications are terms that are popular in the current state of the economy. The majority of us would benefit from modifying our mortgage loan. This, however, is a process that is voluntary and can be done solely by the lender. There isn’t a way to make a lender modify your loan.
Another team that is rising in popularity, due to the necessity to slow down the process of foreclosure, is foreclosure defense. This term is a tool that foreclosure lawyers use to negotiate and pressure the lender into a mortgage loan modification. For the most part, this is just a stalling tactic that can be used to buy time to keep someone in their home with the hopes a lender will come to realization and offer a loan modification. This pressure tactic is failing, unfortunately. The mortgage company’s take this approach as if they are trying to negotiate with a terrorist. Giving into just one person to allow a mortgage loan modification could open the flood gates.
The only sure fire way to save your home is to file for Chapter 13 Bankruptcy. This has all the power of the Federal bankruptcy Courts and they will force the mortgage company to take the monthly payments and spread out the missed payments over a period of 5 years while you work to eliminate your other debts.
*Chapter 13 can also be coupled with a mortgage loan modification. We have been filing chapter 13 bankruptcies and requesting loan modifications with success. It just depends on your situation. Please contact a foreclosure attorney at the Law Offices of Keith D. Collier to learn more about how we are using a Chapter 13 with a loan modification to save your home.