Mentor OH Mortgage Modification Attorney

There are options if you have fallen behind on your mortgage payments. The 2008 bailout resulted in government-mandated programs that banks were required to offer to help people who were in danger of losing their homes due to the inability to make the mortgage payments. Not every bank has to offer every program. They could pick and choose which program to participate in, which means that there is no standard response to a modification request. 

If you have fallen behind in your mortgage payments, you can contact your bank and request a modification packet. The bank will send you the packet, and it is your responsibility to return it and follow up. A common stall tactic of banks is to state that they have not received the packet, that it was not completed, or wait until the documents that you have sent become “stale” and you are either denied or have resubmitted the paperwork for months. If you are working with an attorney to complete and submit the modification paperwork, you will get better responses and timely action from the bank. This will not guarantee that you will get the modification but the likelihood is greatly increased. 

If the bank has already filed a foreclosure, you can hire an attorney to respond to the filing and request mediation if your jurisdiction allows for mediation. The response is necessary to avoid a Default Judgment (a judgment in favor of the bank if you do not respond to the Complaint). If your jurisdiction allows for mediation, this is the way to go. The mediator will work with you, your attorney, and the attorney of the bank to ensure that the modification packet is timely submitted and reviewed. 

The mediation process can help you determine the best option for the retention or surrender of your home. You can receive a loan modification, and if you accept the terms, the foreclosure is dismissed. You can file a chapter 7 bankruptcy and discharge the obligation on the promissory note on your home and your other debts. The discharge of the other debts may make a modification more feasible financially. You can file a chapter 13 bankruptcy in which you pay the original mortgage debt and the back payments through the chapter 13 Plan. The foreclosure is then stopped, and as long as you complete the Plan, your home is saved. 

If you choose to surrender your home, having the underlying debt discharged in bankruptcy will protect you from any collection efforts of the bank going forward. Most people are able to purchase a home 2-3 years after the discharge of a bankruptcy, so you truly get a fresh start. 

These processes are best navigated with an experienced attorney. Moseman Law Office, LLC has that experience and is here to help you save your home. 

Mortgage Modification Lawyer in Mentor, Ohio

This process is confusing and full of pitfalls, so it is best to work with an experienced mortgage modification attorney in Mentor as you navigate the process and exercise the options that will work best for you. 

To get in touch, give us a call at (440) 255-0832 or fill out our contact form and we’ll get back to you as soon as possible!

Moseman Law Office, LLC looks forward to helping you through your financial circumstances.