Mortgage Modifications in Nevada
Even when you do everything that you’re supposed to do, debt has a habit of creeping up on you. Whether it’s an unexpected medical bill, divorce, or layoff, financial bumps in the road always seem to show up when you least expect them. Then, if you start to fall behind, your creditors can take back your possessions, your car, or even your family’s home.
If your family is on the brink of losing the roof over your heads to foreclosure, a mortgage modification might seem like the smartest choice. Unfortunately, even if you manage to talk your lender into lowering your mortgage payment, a loan modification won’t reduce the rest of your debts one cent.
Fortunately, filing for bankruptcy offers effective solutions for your financial woes. Rather than reducing a single payment, leaving you to fend for yourself on all the rest, bankruptcy can eliminate most types of consumer debt. Call or text DebtStoppers today at 725-373-5900 to schedule a free debt solutions consultation with one of our experienced Nevada attorneys.
Nevada Mortgage Modification Laws
Nevada laws enable you to reach an agreement with the bank to change the terms of your loan to make your payment more affordable. This is called a mortgage modification. Unfortunately, lenders are rarely willing to agree to modifications, and even if you get your payment reduced, it’s usually not enough to get your finances back on track. To permanently fix your money problems, you need to find complete debt solutions.
Modifications won’t provide any solutions for:
- Late credit cards
- Overdue car loans
- Outstanding medical bills
- IRS tax debts
- All of your other debts!
Nevada Mortgage Solutions
Serious financial problems require serious solutions. If your family is struggling just to make ends meet, you need a comprehensive debt eradication plan that handles all of your debts, not just your mortgage. Chapter 13 bankruptcy offers the solutions your family needs to overcome its financial obstacles.
Even though you will still have to pay on your mortgage, Chapter 13 can reduce your total debts to about 10% of what you owe. Filing can also enable you to reduce the loan payment on your vehicle so that you’re paying an amount the car is actually worth instead of making an inflated high-interest monthly payment.
If a lender has threatened you with foreclosure or has already started the process, bankruptcy can provide solutions to protect your home. The moment your lawyer submits your petition, the court will issue an automatic stay that will require the bank to STOP FORECLOSURE PROCEEDINGS IMMEDIATELY.
The automatic stay will also forbid:
- Wage garnishment
- Vehicle repossession
- Collection calls
Your creditors won’t even be able to contact you!
Our Skilled Las Vegas, Nevada Lawyers Can Help
DebtStoppers has provided thousands of families with the solutions they need to get out of debt, and we can design a custom bankruptcy plan for your family too! Call or text us today at 725-373-5900 to request a no-obligation financial review with one of our skilled Nevada bankruptcy lawyers.
Our Nevada attorneys can explain how bankruptcy provides solutions for your family’s money problems and help you decide the best option for your debt situation. Call or text us today at 725-373-5900 to get your free consultation!