If you have only one mortgage, and you cannot refinance for a longer payout or lower rate, bankruptcy cannot reduce your mortgage payment. In this situation, you can and should make application to your lender for a LOAN MODIFICATION. If your mortgage qualifies, you can apply to have the payment significantly reduced by extending the loan out to 40 years and significantly reducing the interest rate under the Making Home Affordable Program. Even if your loan is not held by FNMA or FHLMC, there are modification programs that may be available for your loan.

The fact that you have filed or are in bankruptcy does not disqualify you from a loan modification. Some lenders may require that you agree to waive the automatic stay that a bankruptcy provides as a condition of modification, but this is a simple process.

Get the facts. Contact the Massachusetts bankruptcy attorneys at Nashawaty & Rand today.

The Massachusetts bankruptcy attorneys at Nashawaty & Rand serve clients throughout the Greater Boston Massachusetts region including Abington, Avon, Boston, Braintree, Brockton, Bridgewater, Canton, Dedham, Dover, Easton, Hanover, Hingham, Hollbrook, Marshfield, Medfield, Milton, Norwell, Norwood, Quincy, Randolph, Rockland, Sharon, Stoughton, Walpole, Westwood, Weymouth, Whitman, and many others!

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