Mortgage Modification In Illinois Will Stop Creditor Harassment
The Governments latest measure to help homeowners who find themselves with too little money to pay the mortgage after all the other expenses are paid is actually takes advantage of you’re filling for chapter 13 bankruptcy. It is of great help in the qualifying process for the HAMP or Home Affordable Modification Program.
If you have been paying your mortgage payments on time but have recently gotten into a reduction of income position that just won’t allow you to make that big bill mortgage payment in the months to come your timing is perfect. Filling a chapter 13 bankruptcy along with applying for the HAMP reduction program will strength your mortgage modification in Illinois.
Other states don’t combine state bankruptcy laws with the federal but in Illinois they use the federal bankruptcy laws as supplements to the states and this puts you in a great position to take advantage of HAMP and the other asset protection afforded by chapter 13, like keeping your car at reduced payments and not worrying about certain other real property being liquidated and the money being taken back by the bankruptcy court to make payments for you with.
Of course the paperwork and filling windows are all critical so don’t try and go this road alone with some $19.95 home bankruptcy kit. Find a local experienced Bankruptcy Attorney who understands the new HAMP tie in and can serve your best financial interest.
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