There are no mechanisms in bankruptcy that would force a mortgage company to modify the terms of their note. They have a contract, you signed on the line, you agreed to pay, they agreed to give you the money. There’s no mechanism in the bankruptcy code that forces a creditor to do that. However, what we found in this climate, in this economy, that mortgage companies are coming forward and they’re offering clients deals, whether it be a 7 or 13, to modify and to try to keep that debtor in that home.
The Role of Credit Counseling in Bankruptcy: How It Works and Its Benefits
Credit counseling plays a crucial role in providing individuals with essential financial education, guidance, and support as they navigate the complexities of bankruptcy proceedings such as debt relief and financial recovery. This blog by Klein Law Group will help you...