Solutions to Mortgage Problems

North Carolina Attorneys Helping Your Keep Your Home

Law Offices of Robert H. Gourley Jr., P.A. has a well-established track record of helping homeowners retain their home. If you are a homeowner struggling with debt payments, we can help guide you through the maze of options available. This may include direct negotiations or exploring one of the new plans being offered by the Federal or State governments.

Are you struggling with mortgage issues? Contact a lawyer at the Statesville, North Carolina, law firm of Law Offices of Robert H. Gourley Jr., P.A. for a free initial consultation.

Be careful of companies offering deferrals, forbearances and promises to "put payments at an end". These often have serious downsides.

Mortgage Modifications

Mortgage modifications, or loan modifications, are one way to deal with mortgage issues. If Fannie Mae or Freddie Mac owns your loan, this option is available. Other lenders are encouraged to offer this option, but are not required.

You may qualify for a loan modification only on your principal residence and only for first mortgages. If you are eligible, your lender may modify the loan by:

  • Lowering the interest rate on your house
  • Extending the loan
  • Or reducing the principal amount temporarily or permanently

Despite some beliefs, the government does not pay you to modify your loan. You may receive up to $1000/year (for 5 years) of principal forgiveness.

Home Refinance Programs

Another option to deal with mortgage issues is refinancing your home. You can refinance a first mortgage up to 105% of the home's value. Qualifications for eligibility include:

  • The house is your principal residence
  • It is your first mortgage
  • Fannie Maw or Freddie Mac owns your loan
  • You are current with payment
  • You can afford the new payment

Negotiations With the Lender

As your attorney, we can contact your lender directly to determine whether it will agree to a workout. Even if you do not qualify for a government program, the lender may decide to a workout in order to avoid an additional home foreclosure.

Bankruptcy Filings and Mortgage Assistance

While lawyers cannot alter the terms of a mortgage during the bankruptcy process, filing Chapter 13 bankruptcy does stop a foreclosure and gives you five years to catch up on payments. Often this is enough time for you to resolve financial issues and keep the home. Also in Chapter 13, you may be able to remove a second mortgage off your house. This is called lien stripping. Talking with an attorney can help you determine whether this is an option for you.

Filing Chapter 7 bankruptcy eliminates unsecured debt, such as credit cards and medical bills. This may free up enough cash flow so you can afford the mortgage payments.

Contact Us for a Free Consultation

We are a debt relief agency proudly providing options to people with financial problems for more than 24 years. We help clients find positive solutions to their mortgage issues. Contact us by phone or e-mail to schedule your first face-to-face free consultation.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.