Contact Us

Bankruptcy Clinic
c/o Ted Tinsman, Attorney
901 E. St. Louis, Ste. 1200
Springfield, MO 65806
Phone: 417 4NO-DEBT (466-3328)


Ted L. Tinsman Attorney at Law, Attorneys & Lawyers, Springfield, MO
National Association of Consumer Bankruptcy Attorneys

General Information

Loan Modifications

Loan Modification Information

Are you struggling to make mortgage payments? Loan modification (also called mortgage modification) may be an option for you.

The U.S. Department of Housing and Urban Development (HUD), describes a loan modification as a permanent change in the terms of a home mortgage, resulting in payments the home owner can afford. For those not interested in or not qualified for bankruptcy, pursuing a loan modification may be a good option. However, if your efforts to modify your loan are unsuccessful, or you simply decide Chapter 13 bankruptcy would ease your mind and reduce your problems, contact our office. We offer a no-obligation, no-cost initial consultation.

Requirements for Loan Modification

Loan modification is not available once your house is in foreclosure, but can be used to avoid foreclosure without declaring bankruptcy.

You must be able to show that you are in financial hardship, but will be able to afford the payments once the loan is restructured. You must have been paying the mortgage for a minimum of a year, with the intention that the house will continue to be your primary residence after the modification is complete, according to HUD.

While many people opt to explore loan modification right away, some people still qualify for this option even after they file bankruptcy. Chapter 13 bankruptcy restructures debt to help the borrower afford monthly payments on debt and relieve some of their financial burden. However, the interest on an ARM (Adjustable Rate Mortgage) can still make it difficult for a home owner to afford the loan. A loan modification can change the ARM to a fixed rate mortgage and make the payments more affordable.

Contact an Experienced Attorney

The SpringfieldBankruptcy Clinic strives to obtain financial freedom for our clients who are experiencing overwhelming debt. If you do not qualify for loan modification, or if your financial problems cannot be remedied by loan modification, contact us at our office in Springfield, Missouri, to discuss other debt relief options. While we do not help clients negotiate loan modifications, we can assist them in achieving overall debt relief.