How to Begin the Mortgage Modification Process – Advice from Our Bankruptcy Lawyer in Philadelphia

Mortgage payments can be tough and can put a large strain on your finances if you are not prepared. If you are interested in modifying your mortgage and do not know where to start, there are a few things that you need to understand beforehand. Hiring a bankruptcy lawyer in Philadelphia like William D. Schroeder, Jr. can help you greatly, ensure that you handle this process the proper way and get your mortgage payments on track.

Get Organized

Organize all of your paperwork that pertains to your mortgage, income and monthly financial payments. One of the biggest determinants of your success in modifying your mortgage is being able to demonstrate that you can pay your new modified loan consistently, which can be proven using the aforementioned paperwork. Make sure you include your monthly mortgage statement, as this is the most important document to have on hand.

Documents to Prepare

  • Monthly mortgage statements
  • Home equity lines of credit
  • Homeowner’s insurance
  • Property taxes
  • Recent tax return
  • Payroll stubs or other proof of income


Additional Preparations

In addition to the documents mentioned above, you will need your non-housing debt records as well, such as credit card statements and auto loans. This will help you and your lender create a reasonable budget that can suit your financial obligations and ensure that you can successfully make payments.

PrepareYour Case

Using the information mentioned above, you can prepare your case. You need to ensure that you can convey how you got into financial trouble, why it happened and how a mortgage modification will help you. Using this narrative is essential to convince your lender that you will be able to make future mortgage payments.  Make sure that you are honest about everything to ensure that there are no inconsistencies in the story when you tell it to your lender. Dishonesty is a surefire way to get your modification request thrown out.

Contact Your Lender

With the paperwork and story together, you can contact your lender and inquire about the loan modification process. It is highly recommended that you conduct the above processes with the help of a professional to ensure that you don’t make any mistakes that could cost you your loan modification.

Using the assistance of a bankruptcy lawyer in Philadelphia, William D. Schroeder, Jr. can help you get through the above process with ease and ensure that your lender is confident enough to modify your mortgage. We understand the stress that comes from being unable to meet your mortgage payment and know how to give you the help that you need. For more information or further questions, give us a call at (215) 822-2728.