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 HARDSHIP LOAN MODIFICATION
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These greedy so called foreclosure rescuers are only after your equity in your home,
they are heartless and will put you and your family out in the street!
Watch out for Foreclosure Rescuers and their advertising promises to the homeowner
that their foreclosure services are FREE!
WE’LL LEND YOU MONEY!
APPLY FREE!
FIX FORECLOSURE FREE!
FRESH START!
YOU HAVE OPTIONS!
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HARDSHIP
LOAN MODIFICATION
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BANKRUPTCY CHAPTER 13
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BANKRUPTCY
CHAPTER 7
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$1,000 - $2,500
Approximately One to Two House Payments within
60 Days
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UP-FRONT FEES: $2,152
$1,500 House Payment
$458 Chapter 13 Plan Payment
$ 194 Court Filing Fees
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UP-FRONT FEES:$15,209
$209 Court Filing Fees
$15,000 Arrears and Fees
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| From the time we open your case,
you must save a payment monthly to be applied toward this program. Hardship Programs often begin
by paying making a payment toward the lender’s fees and costs. If application is made
early in the foreclosure process this amounts to about one or two month’s payments.
Hardship Programs recognize your recent financial
HARDSHIP, and expect to find you overdue on most or all other accounts also.
Your CREDIT RECOVERY can start from the first
month of your HARDSHIP PLAN.
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Chapter 13 bankruptcy will pause a
foreclosure temporarily, and create a court-enforced payment plan for the overdue payments over
36-60 months. In this example calculations are done for a 60 month period, and include Trustee
Fees of $2,500. This means all financial matters are subject to court scrutiny for 5 years.
You will need court approval to open or close
any accounts and your CREDIT RECOVERY will need to wait until the plan is completed, 5 years from
now.
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Chapter 7 allows you to “discharge”
unsecured debt within a few months, but if you wish to keep your home and/or
car in Chapter 7 payments must be brought current and kept current.
Entering a HARDSHIP PROGRAM before a Chapter 7
will allow you to keep the home and still discharge the consumer debt.
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$1,500
Regular House Payment
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$1,958
House Payment Plus
PLAN PAYMENT
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$1,500
Regular House Payment
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| HARDSHIP PROGRAMS stop foreclosure with the lender’s
voluntary consent after evidence of qualifying hardship and recovery income has been
acknowledged. This is an example of a “FULL” modification wherein the back
payments are added (capped) to the end of the loan term, and paid upon sale of the home, or
years later. We make application for this program as soon as possible after your recovery.
All agreements occur without court intervention, you retain
ownership and all exemptions for future use. No need to use Homestead Exemption.
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Unfortunately, this RAISES the
homeowner’s expenses, in this case, almost as much as 50% of the house payment. After
suffering a recent financial hardship both the homeowner and the lender benefit greatly from
AVOIDING higher payments, so that the risk of future default is minimized.
The burden of higher payments can put undue personal and
financial strain on the already heavily stressed household.
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Chapter 7 will NOT stop foreclosure
or repossession. Homestead Exemptions can protect your equity from “other “creditors,
NOT your mortgage company. Your house payments must be made and kept current. Otherwise the lender
can sell the house and give excess to creditors.
You may continue to discharge unsecured debt with a Chapter 7
AFTER approval for a hardship program.
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| Your home must be made a priority.
Hardship Programs frown on a history of paying consumer debt while neglecting your house payment.
You are expected to begin saving house payments as soon as you have “recovered” from
your hardship, and you must save one month’s payment for each month your Hardship
Application is in process. |
If you miss a plan payment your
bankruptcy can be dismissed with a “bar” against re-filing for 180 days, leaving
you exposed to foreclosure once again. If you miss a mortgage payment the lender can ask the
court for “Relief” from the stay on payments, and be allowed to continue the
foreclosure. Roughly 80% of the Chapter 13 bankruptcies “fall out” before
completion. |
Chapter 7 can be filed only once
every eight years and is intended to be reserved for very serious financial overload.
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*This Is Not Legal Information and is not Legal Advice. This is general information to which there are many exceptions, which are too complicated to explain here. This example is
designed to help homeowners evaluate their own foreclosure needs, and should not be construed or
relied upon as Legal Advice or Analysis. This information is to be used solely at the reader’s
risk, discretion! Please consult with a lawyer if you are not certain of any information and they can direct you of the proper interpretation for
your situation. Costs shown do not include attorney fees and costs, which will vary according to
state, time in foreclosure, number of creditors, and complexity of case.
Stop Foreclosure Books
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Homeowner Warning