Secured Debts and Mortgage Modification

Secured debts are acquired by loans or credit that is extended to an individual in exchange for offering a particular asset or assets as collateral. Secured debt is frequently associated with mortgages and automobiles because these purchases may be seized by lenders if they are not paid according to the terms of the established agreement.

If you are struggling to keep up with your payment obligations and are at risk of losing your property, mortgage modification might be appropriate. Successful mortgage modification can help to resolve concerns that you have pertaining to your secured debt. Contact the experienced Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C., at 443-546-4608 for a free consultation and to learn more about your rights in this situation.

Secured Debt Bankruptcy Options

There are several different ways to handle your secured debts and it is important that these matters are dealt with appropriately throughout the bankruptcy process. Possibilities include:

• Redemption – Redeeming secured debt is done by paying the lender the current amount of the collateral object that was used to obtain the loan, such as your home. The money used to pay this amount becomes a new, unsecured debt. Therefore, it may help you keep your purchase.
• Reaffirmation – After bankruptcy, payments may still be able to be made on this secured loan.
• Surrendering –A debtor can sell the object, and if money is still owed, it will be considered as an unsecured debt.

At Chaifetz & Coyle, P.C., we understand that everyone's individual situation is different. We will work to both help you to understand your options and to take action in relieving you from some of your everyday financial stress.

Contact Us

If you are having trouble making payments on your secured debts, it is time to speak to an attorney about your rights. Contact a Maryland mortgage modification attorney of Chaifetz & Coyle, P.C., today at 443-546-4608 to learn more in a free consultation.