Mortgage Foreclosure and Modifications FAQ's

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Mortgage Foreclosure and Modifications FAQ’s

Mortgage modifications can help reduce the interest rate on the loan as well as monthly mortgage payments. This may result in a lengthened repayment period, but it can prevent foreclosure proceedings when borrowers fall behind on their payments.

Mortgage foreclosure defense is done in 3 different ways: Chapter 13 Bankruptcy, State Court litigation, or Mortgage Modification. Chapter 13 Bankruptcy stops the foreclosure immediately while giving the borrower 3-5 years to repay the amount they owe. State Court litigation may be employed if the homeowner has a meritorious defense that can help them remain in their home. Mortgage Modifications may help lower the interest rate and extend the mortgage payment term.

Different from a modification, a pre-foreclosure forbearance plan does not alter the overall terms of the loan. It is typically extended up to 6 months and requires the borrower to make regular monthly mortgage payments plus the amount necessary to cure all debts within the agreed time period.