the insurance agent points to the insurance signing document. businessmen sign business venture agreements. business par

Louisville, Kentucky Loan Modification Lawyer

If you’re in debt, you’ve likely heard about loan modifications. For some people, they are a fantastic alternative to bankruptcy, but it depends on a person’s individual situation. Read on and contact a competent Kentucky loan modification lawyer from Schwartz Bankruptcy Law Center today to learn more.

Can a Loan Modification Lawyer Help Me?

Many people hope to address overwhelming debt by modifying their loans. The goal is to reduce monthly payments to something that works with their budget. On the surface, this seems like a great option. Unfortunately, loan modification is not the simple solution that it seems. Some of the issues that people encounter when trying to modify a loan include:

  • The loan does not qualify for a modification. Every loan and lender has different rules regarding loan modification. Not all loans are eligible.
  • The lender will not allow modification. Lenders have no obligation to offer a loan modification, even if the loan is eligible. In fact, lenders tend to apply their own rules inconsistently, much to the frustration of borrowers seeking modifications of mortgages or other loans.
  • The loan is already past due. Modification of a loan may be helpful moving forward, but it might not do anything to resolve the fact that payments have already been missed. Lenders may not be willing to put arrears on the back end of a loan.

While alternatives to bankruptcy are always worth considering, care should be taken in doing so. The fact of the matter is that bankruptcy is the only legal solution to debt problems, while other solutions, such as loan modification, are at the discretion of big businesses that may have little to gain by attempting to work with you.

Borrowers often find themselves thrown into a maze of arbitrary rules and lost paperwork, hours on hold on the phone, and unreturned phone calls, only to ultimately come to the realization that a modified loan is not forthcoming. In the meantime, their debt has grown even further out of control. Speak with a competent Louisville, Kentucky debt relief lawyer from our firm today so we can assess your situation and inform you of your options.

Talk To A Kentucky Lawyer For Free

There is no risk in discussing the issue of loan modification and bankruptcy options with an experienced attorney at Schwartz Bankruptcy Law Center. As a law firm committed to personal attention, we are happy to have a discussion about this matter and offer a realistic assessment of your case. Our goal is to get you out of debt. Contact us today so we can get working on your case.

Read Our Recent Blogs
Read More Blogs
Website Designed & Managed by