Why Loan Modifications May Result in Bankruptcy

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When you can't keep up with your mortgage payments, loan modifications can be a life saver. But, many times, though difficult, people could continue making their regular monthly mortgage payments. Instead, they get lured by the banks, and when the loan modification is denied, foreclosure becomess imminent, and a bankruptcy filing becomes necessary to save the house. The bankruptcy filing could have very well been preventable had you been fully informed from the outset.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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