A modification to an existing loan made by a lender in response to a borrower’s long-term inability to repay the loan.
Loan modifications typically involve a reduction in the interest rate on the loan, an extension of the length of the term of the loan, a different type of loan or any combination of the three. A lender might be open to modifying a loan because the cost of doing so is less than the cost of default.
If you are struggling to make your payment or are facing foreclosure, attempting a loan modification is one of the best options to save your home and make it affordable. However, trying to do this alone can be challenging and can lead to more problems and difficulties than you need to deal with.
During these troubled times, the law firm of “Real Estate Lawyer” has been assisting distressed homeowners in their struggles to keep their homes. We pride ourselves on our hard work, our integrity, our successes, as well as our commitment to help our fellow neighbors.
Who Qualifies for Loan Modification?
- Mortgagors whose loans are delinquent
- Homeowners who have been issued a notice of foreclosure
- Large principle balance
- Unemployed borrowers
- Borrowers with low-income jobs
We will assist the above mentioned people who are in need of mortgage loan modification.
Many lenders are willing to re-negotiate the terms of your existing mortgage to better suit your current financial situation. We have the staff, knowledge, and experience to make this process as smooth as possible.
The advantages of our loan modification process are:
- Mortgage interest reduction
- Late fee waivers
- Principal reduction
- Lowered monthly payments
A loan modification is intended to keep you in your home and paying monthly bills on time. For a lender, a reduced payment is often better than no payment at all.
Additionally, sometimes a loan modification may only be a temporary solution while your lawyer determines whether a short sale might be a better option, or if a foreclosure defense could work.
Before getting started on your case, we will perform a thorough analysis of your loan documents to see if you qualify for a modification and so that you don’t waste your time.
Have any further questions? Please contact us at (561) 123-1234. We stand ready to help you in any way possible.