Loan Modification FAQs
Q. Can I file apply for a loan modification even if I have a notice of default?
A. Yes, you can apply for a loan modification anytime before the foreclosure occurs.
Q. How long does it take for the Bank to approve my loan modification?
A. 30-120 days usually, however it depends on the lender and your situation.
Q. Do you take clients from all 50 states?
A. We have competent legal counsels in most states.
Q. Why use the Balanced Legal Group?
A. Because we are a law firm that can analyze all legal and financial angles to try and get you the lowest payment possible. This can include analysis of bankruptcy or predatory law violations. The threat of a lawsuit makes banks listen to your demands.
Beware of "attorney assisted", "attorney based" or other boiler room operations because they may be breaking the law. In California they are termed 'foreclosure consultants'. They are supposed to have a contract on file with the Department of Real Estate in order to operate. However most of these outfits just ignore the law to take your money.
Q. Why can't I do this myself?
A. You can. Just like you can file your own taxes, fix your own car or treat your own illnesses. We specialize in getting homeowners the LOWEST payment possible. Remember banks have a limit on the number of loan modifications allowed. So if you do it wrong, you could be stuck with a bad payment for a while.
Q. Can you help people who are current in their payment?
A. Yes, For the most part, a financial hardship is required. Also if we can show that violations of your loan occurred, an ARM is about to increase in payment, or you have a negative amortization loan, then we can still negotiate a lower payment even if you are current.
Q. Can I modify a second or third mortgage?
A. Yes, you can modify these. In some instances, they can be "stripped" completely whereby you never owe them.
Bankruptcy FAQs
Q. What is a Chapter 7 Bankruptcy?
A. Chapter 7 petition can be filed in your behalf, individually, or jointly with your spouse. Your bankruptcy estate and automatic stay can protect you from those to whom you owe money. The bottom line is this: We have the legal knowledge and experience to stop creditor harassment, foreclosure and repossession.
Q. What is a Chapter 13 Bankruptcy?
A. “The individual's reorganization”: That's how the Chapter 13 bankruptcy option is often regarded. It can give you three to five years of breathing room with which to pay down debt while you maintain possession of your home, car and belongings. This bankruptcy may help rid your unsecured home equity line of credit or any second trust deed on your property.
The payments you commit to under Chapter 13 go to a bankruptcy trustee. Those funds are then relayed to your creditors. The record of your Chapter 13 bankruptcy remains on your credit report for seven years. You emerge from the legal process feeling confident once again in your abilities to earn, provide and be productive.
Q. Will a Bankruptcy help with Medical Payments?
A. The number one reason for personal bankruptcy in the U.S. today is the high cost of health care. Your medical bills can be taken care of during Chapter 7 liquidation bankruptcy.
Q. What is an automatic stay?
A. This is an injunction that goes into effect automatically upon the filing of a bankruptcy. It strictly prohibits the commencement or continuation of any acts to collect on a debt that arose prior to filing the bankruptcy. This includes enforcement of judgments, creating or perfecting liens, stop foreclosure, and many other actions.
Q. Is it too late to file a bankruptcy if I’ve been sued or have judgments against me?
A. No. It's almost never too late to file bankruptcy. Assuming that it is a dischargeable debt you can still get rid of the debt even if a creditor has filed a lawsuit against you and gotten a judgment. You can even get rid of the debt if they have a lien against your property.
If you have further questions please feel free and call our offices at (866) WIN-LEGAL or email us at: info@balancelegalgroup.com |
