Experienced Philadelphia Lawyer Helping People with Mortgage and Home Loan Modification
Recently, Congress has been considering changes to the bankruptcy code that would require mortgage lenders to modify a borrower's mortgage if he or she has filed for bankruptcy protection. This may allow many individuals and families an opportunity to save their family homes and significantly lower their mortgage payments.
Attorney William Sanderson, Jr. is an experienced bankruptcy attorney with the law firm of Spear Wilderman, P.C. Handing cases in Pennsylvania and New Jersey, attorney Sanderson is highly knowledgeable of the new loan modification amendment and the mortgage modification process generally.
He is able to review a client's situation and thoroughly explain if they are in a situation where a loan modification may be beneficial to their bankruptcy case.
Under the proposed plan, a loan modification would allow the bankruptcy court to adjust the principal amount of the loan down to the fair market value of the home. The interest rate might also be adjusted down to the prevailing rate at that current point in time, plus a court-determined premium for risk. A debtor might also be able to have the remaining term of the mortgage extended by 10 years.
A Mortgage Modification Has the Potential to Cut a Debtor's Mortgage Payments in Half
There is no need to wait for Congress to act on the bankruptcy proposal before seeking a loan modification. Whether in or out of bankruptcy, however, debtors need to request a loan modification directly from their lenders.
Attorney Sanderson is able to help a debtor through the entire process of seeking the loan modification outside of bankruptcy or under the proposed bankruptcy code amendment. He reviews the entire situation, which includes:
Under the proposed amendment, debtors will be required to show the bankruptcy court that they attempted to work with the lender to modify the loan. Whether ultimately a requirement or not, it is always good to demonstrate to the bankruptcy court that you tried to resolve unpaid debt in good faith.
Since this is a developing area of the bankruptcy law, it is important that you have an experienced and knowledgeable lawyer's advice and guidance to ensure that your rights are protected and all options are explored.
Mr. Sanderson, along with the National Association of Consumer Bankruptcy Attorneys has been an active participant in communicating with legislators as they formulate the mortgage modification legislation.
Contact a Lawyer About Mortgage or Loan Modification Today
To learn more about your home loan modification options from an experienced Philadelphia or Cherry Hill, New Jersey bankruptcy attorney, contact attorney Sanderson to set up an appointment to discuss your financial situation.
He can also advise you regarding other ways in which you may be able to avoid mortgage foreclosure and save your house. Mention this Web site for a free consultation.
William B. Sanderson, Jr. Esq.
Spear Wilderman, P.C.
| Philadelphia, Pennsylvania
230 South Broad Street, Suite 1400
Philadelphia, PA 19102
(215) 732-0101
Fax: (215) 732-7790 | Cherry Hill, New Jersey
1040 North Kings Highway, Suite 202
Cherry Hill, NJ 08034
(856) 482-8799
Fax: (856) 482-0343 |
With offices in Philadelphia, Pennsylvania, and Cherry Hill, New Jersey, Attorney William Sanderson, Jr. offers comprehensive debt relief representation to clients throughout the area. In Pennsylvania, his practice encompasses the cities of Philadelphia, Norristown, Doylestown, Media, and West Chester, and all of Montgomery County, Bucks County, Delaware County, and Chester County. In New Jersey, he offers legal services in the cities of Camden, Woodbury, Mount Holly, Bridgeton, Salem as well as all of Camden County, Gloucester County, Burlington County, Cumberland County, and Salem County.
