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Who Will Save Your Home?

It seems that more and more are getting the real picture about loan modifications. According to an article by the Wall Street Journal, the Treasury department is trying to put pressure on more lenders to complete loan modifications. As I posted earlier this fall, loan modifications haven’t been quite the saving grace they once were. While, mortgages that are 30 days or more past due or in foreclosure have skyrocketed, America’s largest lenders have hardly been able to approve more than 5% of their loan modification requests.

The Treasury is planning on sending in “SWAT teams” to the big lenders to try to talk them into approving more modifications. The Obama administration has seen some success through their new program where they allow borrowers to make three reduced payments under a trial program but most participants are still worried that, when the trial ends, they will be required to make their regular monthly payments.

So what is the permanent solution? Loan modification may be a good first step for those who just need to tighten their wallets but it can’t be relied on for a permanent solution. If you are facing foreclosure or more serious problems with your debt, there are places to turn that can offer the protection you need. Chapter 13 bankruptcy will stop a foreclosure—and let you reorganize your debt into one low monthly payment. It also comes with the protection of federal law and will stop those harassing creditor calls, wage garnishment, and car repossession. It may be time for you to look for a real solution to save your home and protect your family. Talk to us for free about how we can save your home. You can also request a free copy of my book, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know,” for information on your options.

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