Financial problems can occur for many different reasons, including a divorce, the loss of a job, a death in the family or the use of high interest credit cards. When a homeowner has money trouble, it can affect their ability to pay their mortgage which can result in foreclosure. A loan modification is the best way to prevent the loss of your home through foreclosure. A home loan can be modified for various reasons, such as you owe more on your home than it is worth, you have an Adjustable Rate Mortgage, you are behind on your payments because of a financial crisis, or have a high interest rate. Modifying a loan can also prevent the lender from proceeding with a foreclosure.
The most common way to save your home is through a loan modification agreement with your lender/servicer. Even after you have received notice alerting you to missed payments, there is still time to modify your loan. Modifying a mortgage loan can:
- Reduce your monthly payment
- Reduce interest rates
- Eliminate any accrued interest and past due payments
You may have attempted previously to get some type of assistance from your lender/servicer only to find the process complicated and confusing. Let an an experienced foreclosure attorney at the Holland Law Group discuss the loan modification process and explain how it may help you. You can depend on our skilled advocacy when negotiating on your behalf. We will make sure your rights and interests are protected. Our firm offers a free consultation to discuss your mortgage situation and how to pursue a loan modification.
