Loan Modifications & Short Sales

Be Alert to the Dangers of Loan Modifications & Short Sales

Have your fears of mortgage foreclosure caused you to consider pursuing loan modifications or a short sale of your Arizona home? Don’t act on those fears until you have spoken with the Berkley Bankruptcy Attorneys. Bankruptcy attorney Martin J. Berkley will tell you more about how certain bankruptcy alternatives provide more protection for you with a better overall result than these non-bankruptcy alternatives.

You can trust our reputation for results. We have guided thousands of Arizonans to a fresh start on their finances since 2001. Attorney Martin J Berkley has practiced bankruptcy law exclusively since 1990. He understands the successful ways of keeping you in your home through bankruptcy, and how to protect you against future tax liabilities.

Take steps to stay in your home the right way — with timely Chapter 13 bankruptcy advice from Martin J. Berkley of the Berkley Bankruptcy Attorneys. We help people in Tempe, Phoenix and valleywide.

Contact us for a free consultation by calling, toll-free. 1-480-921-2993.

Consumer Bankruptcy Protections Can Keep You in Your Arizona Home

The loan modification process can be highly complex and confusing. Some modifications programs are deceptive at best, and “scams” at their worst. Many mortgage companies won’t even discuss the subjects of lowered interest rates or lengthened mortgage terms in any timely or meaningful way. The terms of a common modification today are to require high trial mortgage payments for 90 days (to see if you can make the payment), and only then, putting the back payments on the end of the loan. You may get a small reduction in interest, but the amount of the loan is now a lot more resulting in the same or higher payment than before. And, you have just proven that you can make the higher payment! And in addition, the mortgage company may be foreclosing on your home at the very same time it’s negotiating with you.

A short sale, meanwhile, is not always the credit-saving measure that it is promoted to be. It will not improve your credit score because you did not pay the full loan according to its terms. The main problem with a short sale is that most homes have a second mortgage or line of credit, often in a sizable amount. The company holding the second mortgage must consent or agree to the short sale. In most cases, the second mortgage holder will not receive any money from the short sale, and consequently, has no reason to agree to it. Everyone seems to talk about short sales, but very few seem to be completed.

We can explain how a Chapter 7 liquidation, Chapter 13 reorganization and “lien strip” will better serve your purposes in most cases. Plus, Chapter 13 not only stops foreclosure, but a number of other ills — repossession, wage garnishment and creditor harassment among them.

Don’t trust short-sighted strategies such as modifying the terms of your mortgage loan or selling your house for less than you owe on it. Our experienced bankruptcy attorney at the Berkley Law Office can explain sound legal methods for staying in your home.

Contact us to arrange your free initial consultation with The Berkley Law Office. Bankruptcy lawyer Martin J. Berkley will personally work with you throughout the process. He offers the experience, insight, personalized service, and the peace of mind that you need and deserve.

Contact the Berkley Bankruptcy Attorneys

The number to call in greater Phoenix and throughout Maricopa County is 480-921-2993. We respond promptly to your e-mail and phone messages.

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