Bankruptcy Attorney Terresha D. Stevens Sets the Record Straight on Applying for Mortgage Modifications or Filing a Bankruptcy

Bankruptcy Attorney Terresha D. Stevens Sets the Record Straight on Applying for Mortgage Modifications or Filing a Bankruptcy

Grand Prairie, TX (PRWEB) January 17, 2011

As end of the year statistics are being tabulated, early results indicate that many homeowners are still being foreclosed upon while waiting on mortgage modification approvals. The best battle plan for keeping a home should include both modifications and Bankruptcy.

Bankruptcy Attorney, Terresha D. Stevens, explains that since 2009 the Obama Administration has commenced six modification programs under its Making Home Affordable Program. These programs are nothing short of miracles for weary homeowners; however, such blessings are not experienced by all. Many homeowners are being declined chances to become permanent in the Home Affordable Mortgage Program as this program starts the homeowner in trial modifications. Additionally, the Associated Press reported recently that due to FHA term limits some monthly notes are being reduced by only a few hundreds of dollars instead of by thousands.

As anxious homeowners wait on news of their qualification, many are being served with foreclosure notices. Stevens notes, “often in my law practice, clients can only hope for a conversation to remove their home from the sheriff’s sale while the bank reviews their modification documentation. Every Tuesday of the month in Texas, courthouses are conducting sheriff’s sales despite the homeowner’s expectation of obtaining a modification.”

Letting Bankruptcy save the day is a honorable move. When faced with foreclosure, a stigma that stays on credit for 7 years coupled with no longer having a home of many years, versus a Bankruptcy, which saves homes, makes it worth the 10 years of seeing the filing on a FICA score. What’s really the difference between these options–3 years? “Three years can be the difference between having to start over with a new home or it can be 3 additional years your children remain in the same school district and grow up in the same bedroom you so thoughtfully painted when they were mere babies,” says Stevens.

Factor in the legal benefits of Bankruptcy as the foreclosure date looms closer, which are the automatic stay (stopping the sheriff’s sale), creating a workable payment plan and the Federal Court’s Trustee ensuring all of the ruled are being properly followed.

Terresha D. Stevens, Attorney, is a Senior Partner with Williams, Stevens & Estes, PLLC in Grand Prairie, Texas, and can be reached by move to http://www.wsefirm.com.

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