The vast majority of mortgage modifications offered by banks are a scam, let me explain to you why. When most people call for a mortgage modification, it’s actually before they actually need one and are still making their normal payments but they either want a reduced rate or something happened and they know they’re going to fall behind. So now you just call the bank and explained to them some situation, that you believe gives you the right to a mortgage modification. With get one thing straight, mortgage modifications are not a right and no bank is obligated to give you one. Furthermore, banks are in business to make money for their stockholders, they are not there to give you a home or to keep you in it because you have a family or an elderly dying parent living in that particular home. The first most important thing you must realize is banks do not have to give you a mortgage modification, is not in their best interest to give you a mortgage modification and they will make money for their shareholders sooner if they foreclose on your property and real land that money to other people for other mortgages.
Basically what happens when you apply for a mortgage modification? You basically admitting to the bank that you do not have the money to afford your home loan and then you write a hardship letter explaining to them what’s going on in your life why you’re not able to afford your mortgage and after that you provide them with your complete financial history to demonstrate to them that you can’t pay your mortgage. What is the next thing that the bank does? If you are caught up on your mortgage they tell you that since are not behind they cannot give you a mortgage modification, that if you are one to three months behind then they can consider you from one. Would they actually tell you to do? The bank just told you to default on your mortgage for a long enough period of time so they could foreclose on your house, nothing more. The idea that you actually need to be behind to get a mortgage modification is the biggest scam ever perpetrated on the American people. Now that you realize the mortgage modifications from the bank are a huge scam, and those from the government whose leaders obtain contributions from banks, or just as biggest scam. You may be asking yourself at this point than what do I do? File chapter 13 bankruptcy.
In chapter 13 bankruptcy, which less than 15% of attorneys who file bankruptcy actually file chapter 13 bankruptcies and even less are knowledgeable about the different ways to use this complicated form of bankruptcy. One of the tools an attorney has in chapter 13 bankruptcy is drafting a certain type of motion that asks the bankruptcy court to order the bank to give you a mortgage modification based on your particular circumstances. Most attorneys do not even understand how to demonstrate to the bankruptcy court that you do in fact fit the particular circumstances that the banks have laid out in their own mortgage modification process is. Basically through the use of a third-party mortgage underwriter, we verify that a client has the right financial situation to be applicable to receive a mortgage modifications either set for by the bank’s own guidelines or by government mortgage modification programs that the bank abide by. Now you simply have to have an attorney that knows what type of bankruptcy has this option, only 15% of bankruptcy attorneys even know how to use chapter 13 bankruptcy, then you need to find a bankruptcy attorney that does chapter 13 and knows the particular motions needed to get this in front of the bankruptcy court and finally knows how to obtain the information and prove that you do satisfy the requirements for a mortgage modification.
I understand that while facing financial hardship, the most difficult thing a person can deal with a side of health and family issues, but it is certainly not the time to be choosing a lawyer based on price. A knowledgeable bankruptcy attorney cannot only save your home, but save you hundreds if not thousands of dollars or more. Never consult any attorney when the first question you ask them is how much do they cost, because if your choosing attorneys on price, you are certainly going to get what you pay for. Attorneys get to charge more because of their knowledge, skill and reputation. As anything else in life, you certainly will get what you pay for when it comes to a lawyer.
Joseph F. Botelho, Esq.
BOTELHO LAW GROUP
Attorneys At Law
901 Eastern Ave.
Fall River, MA 02723
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