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Castle Law Office Blog | Missouri & Illinois Bankruptcy Legal Blog
Chapter 13
Loan Modification May Not Be the Way to Save Your Home Anymore
There is no argument that preventing foreclosures is good for the housing market and even better for the home owner; but it seems the usual fall back, the loan modification, isn’t what it used to be.
Foreclosures are now at a record high—and expected to hit 2 million this year. It seems that companies like Bank of America and JP Morgan Chase are not prepared to handle it either.
Bank of America has only been able to modify 4% of loans that were more than 60 days past due.
The problem could be that the banks are overwhelmed with the staggering amount of people who’ve defaulted or they are feeling that the future of loan modifications is grim.
Foreclosures need to be stopped and bankruptcy can be the way to do it. More and more people are coming to the realization that bankruptcy isn’t so bad—and it is worth keeping their family from total crisis.
Are you behind on your mortgage? Do you want to know how bankruptcy can help you? Request a free copy of the latest debt guide, "Get Out of Debt: Secrets Your Creditors Don’t Want You to Know," and learn how to keep you and your family in your home.
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