Skip to Content Top

Can Fighting Foreclosure Help You Obtain a Loan Modification?

Stu Martin: Seeking A Loan Modification

Stu fell behind on his mortgage payments after being laid off from his job of 10 years at the Chrysler Assembly Plant in Belvidere, Illinois. Stu has recently found a new job, and is making slightly less money than he was at his previous job. Stu's house is not significantly underwater, and he wants to keep his home. By defending his foreclosure case in court, which is his constitutional right, Stu will buy himself more time to obtain a loan modification.

Since his income is only slightly less than it was before, he may have a good chance of getting a modification. If his lender refuses to offer a loan modification for any reason, Stu still has several possible safety valves: a Chapter 7 bankruptcy, a deed in lieu of foreclosure, or a consent foreclosure. While none of those options will save his home, they will both eliminate his potential liability for a deficiency in the future. Stu may also qualify for a Chapter 13 bankruptcy, which could save his home if he can afford to make monthly plan payments.

Return to the Is This You? page

Contact Us Today!

Talk to the leading law firm in the country about your rights for free! Fill out the form below or give us a call at (312) 313-1613 and we would be happy to give you the answers you need to make informed decisions for yourself and your family.

  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please make a selection.
  • Please make a selection.
  • Please enter a message.
    • Please read and agree to disclaimer.