What is mortgage loan modification and how does it help me?

When any changes are made to an existing loan by a lender in response to a borrower’s long-term inability to repay the loan, this is called a loan modification.

Loan modifications typically involve a reduction in the interest rate on the loan, an extension to the length of the term of the loan, a different type of loan, or any combination of the three. A lender might be open to modifying a loan because of the cost of modifications less than the cost of default.

If you are struggling to make your payments or are facing foreclosure, attempting a loan modification is one of the best options for saving your home and making it affordable. However, trying to do this on your own can be challenging and may lead to more problems and difficulties than you need to deal with.

The law firm of[companyname] has been assisting homeowners with retaining their homes during the recent troubled times. We pride ourselves on our hard work, our integrity, our successes, as well as our commitment to helping our fellow neighbors.

Who Qualifies for Loan Modification?

• Mortgagors whose loans are delinquent

• Homeowners who have been issued a notice of foreclosure

• Those with a high principal balance

• Unemployed borrowers

• Borrowers with low-income jobs

We will assist the above-mentioned people who are in need of mortgage loan modification.

Many lenders are willing to renegotiate the terms of your existing mortgage to better suit your current financial situation. We have the staff, knowledge, and experience to make this process as smooth as possible.

The advantages of our loan modification process are:

• Mortgage interest reduction

• Late fee waivers

• Principal reduction

• Lowered monthly payments

A loan modification is intended to keep you in your home and paying monthly bills on time. For a lender, a reduced payment is often better than no payment at all.

Additionally, a loan modification may sometimes be only a temporary solution while your lawyer determines whether a short sale might be your better option, or if a foreclosure defense could work for you.

Before getting started on your case, we will perform a full analysis of your loan documents to see if you will qualify for a loan modification, so that your time is not wasted.

Have any further questions? Please contact us at 714-759-9415. We stand ready to help you in any way possible.

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