There has been an evolution of the mortgage crisis. During the time of this crisis many lenders were rejecting all loan modifications. Many clients were forced to file Chapter 13 bankruptcy so they could try to save their homes and pay toward delinquent mortgages. Many could not afford the bankruptcy and their regular mortgage payments and lost their homes and damaged their credit.

Lenders now seem to be easing these requirements. Filing a Chapter 13 bankruptcy means you will repay all or some of your debt over a 3-5 year time period. The bankruptcy court will assign a trustee to oversee your case. This is the only type of bankruptcy available to eliminate second mortgages.

Right now, you can take this opportunity to modify your