There are no mechanisms in bankruptcy that would force a mortgage company to modify the terms of their note. They have a contract, you signed on the line, you agreed to pay, they agreed to give you the money. There’s no mechanism in the bankruptcy code that forces a creditor to do that. However, what we found in this climate, in this economy, that mortgage companies are coming forward and they’re offering clients deals, whether it be a 7 or 13, to modify and to try to keep that debtor in that home.
Filing for Bankruptcy During the Holidays: What You Need to Know
The holiday season is often a time for joy, celebration, and togetherness, but for those facing financial hardship, it can also bring stress and uncertainty. Struggling with debt during a time that’s meant for giving can feel overwhelming and emotionally draining. For...