The Law Offices of Richard B. Rosenblatt, PC, has successfully obtained loan modifications for hundreds of clients since the programs started in 2009. Even before the loan modification programs, we used to get modifications that were more like forbearance agreements, which would give time for the homeowner to pay a little extra with each monthly loan payment to catch up on the back amount. However, this only worked if the homeowner was not too far behind. Now under the HAMP and In-House Loan Modifications sponsored by lenders and loan servicers, there are opportunities to resolve significant arrearages. We recently obtained a loan modification where an arrearage of $134,000.00 was rolled into the note and the loan period was extended. This was based on the In-House loan modification offered by the lender as the HAMP program does not apply if the loan is delinquent for more than 1 year.
Many Maryland consumers are faced with high levels of debt. Some of this debt comes from credit card or other forms of borrowing, but many also struggle with high levels of student loan debt. Loan forgiveness is one debt relief option for a select few, but bankruptcy protection can sometimes offer a better fit. In addition, it is possible to fall victim to a range of loan forgiveness scams.
One of the most difficult aspects of filing for personal bankruptcy is the fear of losing one's hard-earned and highly personal assets. Many people in Maryland put off filing for consumer bankruptcy for fear that they will be required to sell their belongings. In reality, however, most people are able to retain the majority of their belongings, and can also look forward to a fresh financial start once the bankruptcy process has concluded.