The Effects of Mortgage Modifications Within the Bankruptcy Court
Learn the advantages of working in the bankruptcy court rather than the state court
When you attempt to make modifications to your mortgage, consider doing so in the bankruptcy court rather than the standard state court. The lawyers at Mara & Mara, Attorneys at Law recently compiled a list of reasons why the bankruptcy court provides a much greater success rate of modifications than state courts or modifications made alone.
Reasons the bankruptcy court yields more success in modifications
More accountability. The Chapter 13 trustee keeps great records of all payments to the bank. The debtor in a modification has a lot of responsibility in that he or she must submit all paperwork in a timely manner for a proper completion of the process. Timeliness is the cornerstone of successful mortgage modification mediation.
One point of contact. The attorney deals with another attorney rather than a bank employee or mortgage company employee. The advantage is that another lawyer better understands mortgage and bankruptcy law than bank or mortgage company employees do.
Learn more from an experienced Daytona & Ormond Beach attorney
For more information about making mortgage modifications within the bankruptcy court, contact the knowledgeable attorneys from Mara & Mara, Attorneys at Law at 386.310.2685 or online. We are eager to address any questions or concerns you have about your own personal financial situation. We enthusiastically serve individuals and families throughout our region, including Daytona Beach, Ormond Beach, De Leon Springs, Bunnell, Pierson, Palm Coast and the surrounding areas.