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Mortgage Modifications in Georgia

With inflation, high-cost energy bills, and high interests, many homeowners have fallen behind on their mortgages and could soon be on the path to foreclosure without help. Does this sound like the situation you find yourself in? If yes, you may be eligible to modify your mortgage.

Explore Mortgage Modifications

What is a Mortgage Modification?


The Problem With Mortgage Modifications in Georgia

In theory, mortgage modifications should allow you to negotiate a more affordable monthly payment. In reality, Georgia lenders seldom agree to refinancing or altering the terms of your home loan.

Even if you hit the jackpot and get a bank to consent to a modification, a few hundred dollars of savings a month cannot fix serious financial problems.

You will still have to pay:

Even if your monthly mortgage installment is too high, a reduced payment doesn’t provide any solutions for your other debt problems. For this reason, people who turn to modifications often quickly fall behind on their loans again.

Real Foreclosure Solutions in Georgia

Modifications can’t get the job done: you need a comprehensive debt relief plan that does more than lower a single payment. Chapter 13 bankruptcy laws can offer real solutions to people facing foreclosure in Georgia.

The moment you file for Chapter 13 bankruptcy, the court will grant an automatic stay that orders your creditors to stop all collection activity immediately. This means your bank can’t file for foreclosure on your home, and if they already have, they are legally required to stop pursuing it. It also means that none of your creditors can contact you, giving you instant relief from harassing phone calls.

Even though you still have to pay your mortgage, Chapter 13 bankruptcy typically clears about 90% of your other debts. Filing for Chapter 13 also enables you to reduce your car payment to correspond with the vehicle’s actual value rather than the high-interest prices you’re currently paying.

Unlike a mortgage modification, a DebtStoppers Chapter 13 bankruptcy plan can deliver real financial solutions to hardworking Georgians. It can also help you save your home from foreclosure.

Call or text DebtStoppers Georgia today at 312-913-0630 to schedule a free one-on-one consultation with one of our knowledgeable Atlanta bankruptcy lawyers.

Our DebtStoppers Georgia lawyers can provide solutions to your money problems that will actually stop foreclosure and turn your finances around. Call or text us today at 678-673-2142 and we’ll start working on your customized debt relief plan!

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