Pennsylvania Bankruptcy Attorney

When you take out a loan, you never imagine you won’t be able to repay it. Unfortunately, for a multitude of reasons, some people find that they are unable to pay their loans back according to the original terms. Pennsylvania bankruptcy attorney Michael S. Schwartz has helped many clients successfully modify their loans so they can afford to keep their homes.

What is Loan Modification?

A loan is a monetary agreement between a lender and a borrower. When a loan needs to be modified, the lender has the option to either create new terms so the borrower can avoid defaulting on the loan or let the borrower default on the loan. If the borrower defaults on their mortgage, the house goes into foreclosure, the borrower is forced to move, and the lender is left with a property to sell. It is usually in the best interest of both the lender and the borrower to modify the original loan. With a loan modification, the lender still receives their money, and the borrower gets to keep their home.

Loan modification can keep you in your home and make it affordable.

Pennsylvania Consumer Bankruptcy Law Firm

If you are struggling to make your monthly mortgage payments, a loan modification may be the right choice for you and your family. Southeastern Pennsylvania bankruptcy attorney Michael S. Schwartz is familiar with loan modification procedures and can help you work to modify your original mortgage to manageable payments. Call our Pennsylvania offices, serving Media and Delaware Counties to schedule your free consultation and discuss your options at 215-396-7900.