What is a Loan Modification Program?
Because of a hardship your lender modifies your current mortgage to make it more affordable. This can be done by fixing both the term of the loan as well as interest for the defined term. In the past this was only used when a borrower was delinquent and suffered a hardship such as a job loss, divorce, illness etc.
The Congress just passed and President signed a Housing Assistance Bill where borrowers can obtain mortgage help from their lenders.
The earlier you get started, the better your chances are of negotiating a fixed rate and a payment that you can manage.
If you have an income, and you can afford a reasonable monthly payment, loan modification can be done by your lenders.
Is Your Lender or Servicer Not Helping You or Being Abusive…
Lenders and servicers are very busy with desperate homeowners trying to save their homes from foreclosure. Unfortunately, they do not have the man power or the capabilities to save everyone.
The Loan Modifications Departments are swamped with workload and many people are simply getting lost in the system and suffering an unnecessary foreclosure when they could have worked it out with their lender.
A lawyer involvement can expedite the process, the calls starts getting answered, the phone calls are replied, and the mail answered quickly. That alone can bring a difference in saving of your cherished primary residence. You attorney is the most important ally you have in this most crucial period of your life, and in this stringent economy.
Are You Having Trouble With Your Mortgage?
Are you having trouble with your mortgage? Has it adjusted and you cannot afford the new payment? Were you placed into a bad loan and you can’t refinance into a good one.