Loan Modification

what is a remodification loan

A loan modification is an alternative to foreclosure. A modification is an effective way to re-negotiate the terms of a loan and restructure payments so that your payments become more affordable and you are able to make them on time. Once a loan modification is successfully obtained, you are no longer under the threat of foreclosure if you remain current with your mortgage payments. Using a loan modification our team can help you avoid foreclosure. Throughout the process, we will protect your rights, expedite the loan modification process, and above all, look out for your best interests.

With loan modifications, countless clients have told me that the lenders were not really willing to help UNTIL the client obtained legal representation.

If you can prove to your lender that

you have a financial hardship, the lender might be willing to reduce the current monthly payment to a more affordable level. Note that this doesn't mean the principal balance will be reduced. While that is possible, banks typically are not that lenient. Typically your interest rate igets reduced to lower your payment.

The federal Home Affordable Modification Program (known as HAMP) offers lenders incentives to reduce the mortgage payments for qualified borrowers. Some lenders also have their own modification programs.

An experienced attorney can often assist you in obtaining better results than you'd be able to obtain yourself. For example, if you receive a 4% loan modification when you COULD have obtained a 2% loan with attorney help, that could cost you dearly. See the below sample figures:


Category: Credit

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