Many clients come into our office hoping that we can lower their monthly mortgage payments. Unfortunately when the house is their homestead we do not have the means to modify the loan within the Bankruptcy. However, many banks are now offering loan modifications to people who are in Bankruptcy. It seems to be a growing trend that these modifications are being approved quicker and with less effort when they are dealing with a person who is in Bankruptcy. What does this mean for you? If you are in financial trouble and find yourself filing for Chapter 13 or Chapter 7 Bankruptcy, you do not need to be discouraged about a possible loan modification. The only thing that the mortgage company will require is a letter from your Bankruptcy Attorney allowing them to contact you directly in order to being the process. We had an instance where the mortgage company actually called our office to inform us of a loan modification opportunity for one of our clients. We then called our client in, they signed the documents and their mortgage payment went down by 33%. Although many see bankruptcy under a negative light this is just one example of new opportunities that bankruptcy may bring to you and your family.