Loan Modification Process
Negotiating with a lender trying to get a loan modification can be challenging and stressful. Hiring a loan modification attorney may help you get reduced payments you can afford. With the help of an attorney, you may not have to give up your home through a short sale or a deed in lieu, or let the bank foreclose on it.
Loan modifications work by extending the loan term or by reducing your interest rate. It can even reduce the remaining principal of your loan. Talking to a loan modification attorney before doing anything else can insure you have all the facts before you proceed.
A loan modification might be the only choice other than refinancing if you want to obtain reasonable and affordable mortgage payments. Both methods have the same goal—which is to reduce your monthly payment—but are very different. Refinancing lets you get a new loan if you have a good credit score or if you would like to take advantage of excellent interest rates. Refinancing requires you to pay the closing costs, which can be high. Loan modification is best if you have a distressed mortgage and you think you deserve debt forgiveness to prevent foreclosure. You can increase your chances of securing a loan modification with a loan modification attorney, but you also have to do your part by providing the necessary income documents.
According to the US Department of Housing and Urban Development, you can only receive one loan modification within a 24-month period. The lender will determine your eligibility for a loan modification according to an analysis of your financial situation.
Attempting to obtain a loan modification may be easier with our help here at The Law Offices Of Justin McMurray, P.A. We have provided legal representation and counsel for foreclosure and bankruptcy cases in Ocala, Florida helping hundreds of clients. Learn more about whether a loan modification is a good option for you with a free consultation offered by a loan modification attorney at The Law Offices of Justin McMurray.