Are you having trouble making your mortgage payments? Are you facing foreclosure because of your debt? If so, one option you might want to consider is a mortgage modification to reduce your monthly payments. When you obtain a mortgage modification from your lender, it could change the terms of your loan agreement in the following ways:
- Lowering the interest rate
- Extending the loan term
- Reducing the amount of the principal
If you are already in default on your loan, your lender might choose to add your overdue mortgage payments to the outstanding principal. You can then repay the debt over the term of the loan or in a single balloon payment.
How Do I Qualify for a Home Loan Modification?
In order to qualify for a loan modification, you must prove you have financial hardship or show that your lender made a specific mistake that caused issues with the loan. You can pursue a loan modification through your lender or you can apply for the Home Affordable Modification Program (HAMP) or the Home Affordable Refinance Program (HARP).
A Few Facts About Home Loan Modification
- If you successfully obtain a loan modification, it will stop the foreclosure.
- Allows you to keep your home longer.
- Makes it easier to repay and keep up with your monthly loan installments.
- Adjusts the terms and conditions of your mortgage loan.
- A lawyer can negotiate the terms of your modification on your behalf.
Modify Your Mortgage Today
At The Buchalter Law Group, our team of lawyers has more than 45 years of combined experience, and we know which strategies produce the best results for clients who need help managing their mortgages. We have taken on thousands of bankruptcy cases, and we are prepared to use our extensive resources to assist you today.
Call (321) 320-6088 to request a complimentary review with one of our legal professionals.