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Mortgage Modifications in Georgia

Even when you do everything right, financial hardship can come out of nowhere and leave you struggling to hold your life together. Whether it’s unexpected medical bills, a sudden layoff, or some other economic setback, losing control over your finances can be terrifying for anyone. When problems are everywhere, and you can’t find any solutions, your fear can be paralyzing.

To make things worse, once you get behind on payments, your lenders start calling and threatening to take away your possessions, your car, or even your home. If you’ve missed a few payments and your lender is threatening you with foreclosure, a mortgage modification may seem like one of the best solutions.

Even if you manage to negotiate a lower monthly payment, the problem with this strategy is that you still have all your other bills to pay. Modifications don’t provide any solutions for the real issue: all of your other debt. Trying to solve your financial difficulties with a mortgage modification is like trying to heal a gaping wound with a bandaid.

While there are many so-called debt “solutions” out there, bankruptcy is the only one that wipes out ALL of your debts. Call or text DebtStoppers today at 678-673-2142 to schedule a free one-one debt analysis with one of our Georgia bankruptcy attorneys.

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:

  • Credit cards
  • Utility charges
  • Car loans
  • Medical debt
  • Personal loans
  • Taxes
  • All your other bills

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!