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What is Loan Modification?

A gentleman in suit and tie balances 3 wooden blocks with 1 finger. The blocks spell out debtMany Americans feel stressed because they are not able to make ends meet to pay their bills every year. There are many that don’t know what options are available to them and they become frustrated and confused. Detroit Bankruptcy Law is proud to provide our clients with a fresh start and trusted legal representation. We are a dedicated counsel to individuals and families who want to gain control of their financial situation. We want to discuss the details of your case to help you determine whether bankruptcy or loan modification is the right plan for you. Rest assured that working with Detroit Bankruptcy Law will benefit your case.

Loan modification can be used alongside bankruptcy, or as a separate alternative to bankruptcy. When you modify your current loan, it will change the term of the loan permanently and be subject to the altered terms and conditions of the loan until it is paid back. Our team will assist you in drafting a hardship letter with modifications that benefit you if it is determined that loan modification is right for you.

Detroit Bankruptcy Law will help you understand Obama’s Making Home Affordable Plan and provide you with assistance throughout the loan modification process. Your Detroit Bankruptcy attorney will also help you provide tax returns, financial statements, and home valuation estimates to your lender or mortgage provider.

Student Loan Debt

A gentleman in a black suit holding out empty pants pocketsThe national crisis of student loan debt is only getting worse as time goes on. The high monthly cost and interest rates of student loans are making it difficult for thousands to pay for basic living expenses. Detroit Bankruptcy Law can help with that. Some federal and private student loans are potentially dischargeable through bankruptcy. There are potentially other options that don’t involve bankruptcy to help offer relief for you as well. We want to help you reach that financial freedom.

Do you need an attorney to assist you with a loan modification?

If you need to modify your loan or adjust your payments, working with an attorney may be your best move. Hiring Detroit Bankruptcy Law will remove the confusion and we will help you navigate through the process of a loan modification. It’s always best to face financial hardship with legal counsel, especially if you are considering adjusting your loans. Call Detroit Bankruptcy Law today to speak with one of the attorneys in Detroit. Tell us your story and we will help you determine the best solution for your case.