Bankruptcy is just one tool in our toolbox at The Huggins Law Firm in Columbia, South Carolina. We only use it when it is the appropriate tool. We may use it alongside other tools, such as loan modification. Loan modification may also be an alternative to bankruptcy. With 15-plus years of debt relief experience, we know how to choose the right tool for the job.
When To Consider Loan Modification
Many people who come to us seeking debt relief are having problems with their home mortgages. Often, they have become trapped in an adjustable rate mortgage with terms that simply do not make sense based on their current income level. They may be having trouble keeping up with the interest, let alone the principal. Loan modification may help.
If a mortgage is the primary source of the debt problem, and there are few or no other debts, it may make sense to first attempt mortgage modification before filing bankruptcy. When you choose our law firm, you will work with an attorney who understands how to communicate and negotiate with lenders in pursuit of modified mortgage terms.
Perhaps a mortgage is one of many debt issues that you need to resolve, but you want to keep your house. We may recommend filing bankruptcy to address your other debt. Then we may attempt to modify your mortgage so that you will be able to stay current on payments.
While loan modification is typically used to change home mortgages, it may occasionally be employed to change other loan terms as well.
Learn More About Mortgage Modification With A Free Consultation
Call 803-764-9921 or email to schedule a free consultation with a trusted lawyer.