Forbearance is Over, Now What? Here Are Some Options

Forbearance title on legal document

We have been inundated with homeowners contacting us regarding their expiring forbearance plan.  Many loan mortgage servicers are requiring homeowners to pay back all of the missed payments during the forbearance period all in one shot, or face the consequences, which include foreclosure. Don’t think it cannot happen to you.  If your bank is requiring you to make up all missed payments at one time and you do not have the money, they will put you in foreclosure.  We have seen this countless times.

What About Chapter 13 Bankruptcy?

People often ask if a bankruptcy will help them.  Well, it may.  Most people think filing bankruptcy means you lose everything.  That is not necessarily the case.  A chapter 13 bankruptcy plan is a great option for many homeowners who find themselves unable to pay back those missed forbearance payments.  Your bankruptcy plan may allow you to spread those missed payments out over 5 years and stopping the bank in its tracks.  This may be a great option to protect your home and the equity you have worked so hard to build.

Other Options Available

If you chose a law firm that can advise you on all available solutions, you will also learn that there may be options other than bankruptcy that may help.  You may find that applying for a loan modification may be a better option for you, or you may find that you have a lawsuit you can file against the bank for not servicing your loan properly.

If you chose a lawyer that only handles bankruptcy, they may not be competent, or willing, to try to steer you into another option.  If all they do ins bankruptcy, then guess what, they are going to advise you to file bankruptcy even though there may be better options for you.

How Loan Lawyers Can Help you?

At Loan Lawyers, we have many ways in which we are able to assist homeowners keep roof over their head.  In addition to having extensive experience litigating foreclosures in court, we may also be able to sue your loan servicer, help you with a loan modification, or help you find other options to save your home.  Bankruptcy is one option, so do not limit yourself who limits their practice to this one option.

When you get a free consultation with Loan Lawyers, we can help you formulate a plan that is specifically tailored to your situation, and not just throw into a bankruptcy that might not be needed.

Call us at 1-888-FIGHT-13 so that we can discuss ALL of your options to see what may be best suited for your situation.