Millbrae Bankruptcy Lawyer
If you know very little about the process of filing bankruptcy we can help. All of our consultations at our offices or over the phone are free. We have filed hundreds of bankruptcy cases and our Millbrae bankruptcy lawyers have the experience you can count on during your time of need. Call us today toll free at 1-877-963-9543 to schedule an appointment. Phone consultations are available too.
Meet our attorneys: Ryan C. Wood and Kitty J. Lin
We are committed to providing you with the best bankruptcy experience for a reasonable fee.
One of the hottest topics right now is the mortgage meltdown and loan modification. Five years ago modifying a first mortgage was almost impossible. Today things are a little better. Unfortunately many homeowners have paid thousands of dollars to fly by night loan modification companies that claim they are very successful in modifying loans. The truth is the loan modification process is set up for you to take care it yourself. You should not be paying any upfront fees to modify a loan. In fact, California has passed laws to make this practice illegal. If you are seeking modification of your mortgage contact your servicer or go to their website for more information. There are also not-for-profit organizations that will assist you with modifying your loan for free. The Neighborhood Assistance Corporation of America or NACA is one of them. They will help to prepare the loan modification documents you need to submit to be considered for a loan modification and help you step by step.
Unfortunately the number of loan modified is still very low. A recent proposal called the Principal Paydown Plan is being proposed by the National Association of Consumer Bankruptcy Attorneys. This program would allow those filing a chapter 13 bankruptcy to just pay principal instead of principal and interest during the chapter 13 plan. The idea is to reduce the amount owed on the first mortgage so that a house will no longer be underwater when exiting bankruptcy. Hopefully this proposal is adopted or something similar is created to help at risk homeowners soon.
By
Ryan
C. Wood