As I explained in a previous post, there is a federal loan modification program that is intended to help homeowners avoid foreclosure. But not everyone is eligible.
What if you don’t meet those conditions? Are there any alternatives to loan modification that will let you avoid foreclosure and avoid bankruptcy?
Yes, there are a few.
One is to contact your mortgage lender directly and ask for the “loss mitigation” or “home retention” department and see if they have any of their own programs in place. Afterall, in many cases, the costs involved in a foreclosure are actually more the costs of changing the terms of a mortgage. It’s better to have a borrower paying something than nothing at all, right?
If you’re not able to get anywhere by contacting your mortgage company directly and asking for help, another semi-decent alternative is to contact a certified housing counselor from HUD (the Department for Housing and Urban Development) by calling the Hope Now hotline at 888-995-4673 (website: www.hopenow.com). The upside is that it’s free. Though the downside is that they’re government workers and may not necessarily be as enthusiastic you’d like them to be in advocating on your behalf.
However, the reality is, if you’re serious about dealing with your mortgage problems, the best option is to call or meet with an experienced attorney for a free consultation. You’ll get a good rundown of all the options available to you based on your specific circumstances. And you’ll also have at least one person on your side who knows your situation and can really go to bat for you if need it.
Even if you don’t plan on filing bankruptcy in Las Vegas, just having a bankruptcy attorney in Las Vegas can give you good negotiating leverage right off the bat.
So even if you don’t qualify for the Make Home Affordable loan modification program, you do still have options. For more Las Vegas bankruptcy information, contact us for a free phone or in person consultation.