Law Office of Timothy E. Wilfong, LLC

You Deserve a Fresh Start - Phoenixville, PA

Call us at 610-935-5555 for a Consultation

Helping Clients Since 2008

Law Office of Timothy E. Wilfong, LLC
20 S. Main Street, Phoenixville, PA 19460
Loan Modifications
If your are in default of your mortgage and your lender will no longer accept payments or partial payments be sure to ask them for a loan modification application.  

You Deserve a Fresh Start
Loan Modifications

Individuals defaulting on their mortgages may apply for loan modification programs that are sponsored by the Federal Government such as the Home Affordable Modification Program (HAMP) or by programs supported by the lender themselves. 


Application Process

Generally an individual applying for a loan modification must supply to the lender proof of income for the last 60-90 days, bank accounts statements, tax returns from the previous two years, hardship letter explaining the individuals financial circumstances, utility bills, invoices for real estate taxes, and proof of home insurance.

Benefits of a Loan Modification

Loan modifications programs are designed to help individuals with a reduced income stay in their homes and avoid foreclosure.  Several of the techniques these programs use to modify your mortgage are by lowering your current interest rate, extend the term of your loan, or add your payment arrears on to the end of your loan.

Chapter 13 as an Alternative to Loan Modifications

Depending upon your financial situation, it may make more sense to file a Chapter 13 Bankruptcy as opposed to applying for a loan modification.  Also, your lender may have denied your loan modification application putting you in the position to lose your home at sheriff's sale.  Specifically, a Chapter 13 repayment plan bankruptcy could stop a foreclosure by allowing you to pay your arrears over a 60 month period.  In addition, a wholly unsecured second mortgage may be discharged in a Chapter 13 as well.
For more information about loan modifications or if your lender is giving you the run around and you require assistance or your would like to learn more about a Chapter 13 Bankruptcy payment plan, please contact our firm at (610) 935-5555 for a confidential consultation.

Law Office of

Timothy E. Wilfong, LLC

20 S. Main Street

Phoenixville, PA 19460

Phone-(610) 935-5555

Fax-(610) 680-3910