Real estate business and loan
dealings work hand in hand in Framingham, a New England town in Middlesex
County, Massachusetts. Many people take home loans and buy a home or build a
new one. Things may change drastically for anybody because of any unforeseen situations
that might let people face severe financial crisis. A job loss, salary
reduction, huge medical bill because of any prolonged illness in family, or
accidents can cause people surrender to banks with a declarative statement of
having no money in hand to pay bills. You need to consult an expert lawyer for
your home loan
modification in Massachusetts Framingham. Your lawyer can help you
adjust your mortgage payments, modify your principal balance, interest rate,
and loan duration to get rid of the stressful financial situation. There are
legal ways to waive past due amounts and collection costs. One needs to
disclose to the lawyer about the current financial situation, past records, and
what he or she is willing to do with the loan.
If the financial crisis is
heavy, measures should be taken to save house from
foreclosure in Massachusetts Framingham. It is necessary to take legal
steps to avoid foreclosure. Use Chapter 7 or Chapter 13 bankruptcy filing
process based on your financial situation and asset valuation. Your lawyer can
help you decide which bankruptcy chapter will work the best for you to save
your home. Seek complimentary loan analysis from your legal advisor and check
if monthly payments can be reduced or a new payment can be arranged with the
lender. Foreclosure will take your home away from you. Either the bank or the
money lender will enjoy the property in that case. Therefore, it is always
better to stay aware about the legal processes if any unforeseen and adverse
situation occurs that can make one almost penniless.
Never ignore bill statement,
phone calls, emails, and any other form of communication from the creditor if
you fall behind
on mortgage payments in Massachusetts Framingham. It is useful to let
your lender know that you are serious about paying debts but you are facing
crunch. The lender can then arrange for any affordable repayment plan or can
initiate loan modification process. Keeping good relationship with him can make
him or her think of reducing mortgage payments or defer the same until your
financial condition improves. You must talk to the appropriate and certified
government agency to take correct moves so that your debts are clear and
property is saved. There may be several agencies trying to help you by being
too good. Beware of any foreclosure scam. Never take any decision without
consultation with your legal advisor.
I like to know, please, a new loan modfication law under the bankruptcy 13, came out today April 1 2013. Do you know anything about it?
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