Bankruptcy and Loan Modifications

by chadfish on June 9, 2009

I have many friends that are bankruptcy lawyers, they work in cities such as Phoenix, Orange County and San Francisco. All 3 of them talk about taking on clients who have attempted loan modifications with a 3rd party company and have had a lot issues. Doing a loan modification is a lot of hard work, a little bit of luck and a lot of perseverance.

When you sign on with a loan mod company, don’t expect them to take care of everything for you. You need to stay integrated into the process and effectively project manage the loan modification along with the company to ensure it work out satisfactorily. Sometimes it takes many months to get a loan mod done and with all your current debt that can tip the scales and put you into bankruptcy.

Sometimes bankruptcy is the best option for you and it’s nothing to be ashamed about. If you have a house that is worth much less than what you paid for it and your credit card bills are mounting, it may be an insurmountable task to get yourself out of the whole you’re in all by yourself. A fresh start is what you need and going to seek professional assistance from a bankruptcy attorney is a step in the right direction. There are many great lawyers out there than can help – take it upon yourself to get your life in order and move on to do bigger and better things.

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