Stopping Foreclosure — Doing it Right
You've probably heard some impressive claims from companies who say they can stop foreclosure in its tracks. But in spite of what you might have heard in TV and radio ads, there are only three ways to stop foreclosure:
1. Pay up
Somehow scrape together enough cash to settle your arrearages, interest and penalties so that your lender puts your loan back in good standing. Of course, this works. But if you haven’t been able to keep up with your mortgage payments, it's not likely that you'd be able to pay off a sum several times as large?
2. Get a meaningful mortgage modification
Mortgage modifications are rarely granted by lenders. Why? Because mortgage modifications in Georgia are completely up to the discretion of the lender and modifying mortgages isn't in the lender's financial best interests.
3. In the rare instance a lender does modify a loan, the modification is made to the mortgage's interest rate — never to the principal. That means a monthly savings to the homeowner of 200 or 300 dollars, an amount that is rarely enough to solve the problem. Fortunately, the bankruptcy attorneys at Atlanta DebtStoppers have a plan that can make all the difference in the world.
4. File a bankruptcy plan with an Atlanta bankruptcy attorney
A bankruptcy plan works not by modifying the mortgage payment, but by drastically reducing or eliminating all your non-mortgage debt: credit card, medical and IRS debt, car payments, home equity loans and many more. This process cuts your total monthly payments by many times more than a mortgage modification could. So you can stop the foreclosure, save your home and save enough each month so you can easily afford to make that mortgage payment.
Stop waiting for a mortgage modification that won't make a difference!
You can save your home and keep it with a bankruptcy plan from DebtStoppers. Call us today at 404-796-7161 or contact our Atlanta office online to schedule a free one-on-one debt consultation with an experienced bankruptcy lawyer.