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Chapter 13 – Loan Mods and Short Sales to Stop Foreclosure
Chapter 13 allows you to stop foreclosure, save your home and can eliminate second mortgages on homes that are underwater. We restructure your debt by paying creditors as little as 0% of the debt owed, and can often reduce secured car and furniture loan payments. Repossession of vehicles and garnishment of wages are stopped. We can also seek loan modifications to reduce your mortgage payment during the process.
Another alternative is to seek a loan modification or the lender’s consent to allow you to do a short sale of the home. Prior to the sale, however, loan modification and short sales are an available option if you begin the process before the foreclosure sale process has gone too far and the Lender will not agree to hold off on the sale. The key law we use to avoid the foreclosure and gain the modification or short sale is called Regulation X.
The foreclosure process triggers many intricate issues – requiring an analysis of whether a loan modification can be achieved or should be achieved, bankruptcy advantages, short sale opportunities and deficiency exposure. The last thing you should do is try and sort this out on your own – there are too many moving parts and options you won’t even know exist. Help is precisely what you need – and you should seek it as early in the process as possible.