No one intentionally falls behind on their mortgage. Sometimes circumstances
like a job loss, hospitalization, or another financial emergency can devastate
your finances and make paying regular mortgage payments impossible. If
you have fallen behind, or if the amount of your mortgage is becoming
unmanageable, a loan modification may be right for you.
In a loan modification, the mortgage lender agrees to refinance the loan
to make the payments more affordable. The lender may agree to lower the
interest rate on the loan, or can extend the length of the loan for several
years to decrease the homeowner’s monthly burden. In some instances,
the lender will agree to spread out any missed payments over the course
of the loan, allowing delinquent homeowners to catch up on payments without
Ideally, the loan modification process would be started before the mortgage
is in any serious trouble. If you know that your mortgage is going to
get harder to pay in the future, it is in your best interest to speak
with your lender about a modification before you get behind.
If you are already behind or are facing foreclosure, a loan modification
may allow you to avoid losing your home. However, getting a modification
is a long, drawn out process that may or may not stop a foreclosure case.
Often, the mortgage lender is not acting in the homeowner’s best
interests and may be continuing to pursue a foreclosure case even while
a modification is in progress.
Obtaining a mortgage modification requires the homeowner to submit a substantial
amount of documentation to the lender. The homeowner may have to submit
copies of some documents multiple times, as the modification processors
have a way of losing paperwork. The homeowner will be assigned a representative
who will process the case on the mortgage lender’s side of the process.
This person may change multiple times, and it is often difficult to speak
with this person directly.
There is no guarantee that pursuing a mortgage modification will stop a
foreclosure. In most cases, a foreclosure only stops when the modification
is approved, or when an attorney negotiates an agreement that to delay
the foreclosure until the modification process is complete. Once a homeowner
has completed the modification process successfully, the mortgage lender
can no longer pursue the foreclosure case.
The best way to get a mortgage modification is to contact an experienced
mortgage modification attorney. At Loan Lawyers, our attorneys can deal
with your mortgage lender on your behalf, saving you significant amounts
time and stress.
If you are in danger of foreclosure and are considering a loan modification,
schedule a free and consultation with Loan Lawyers today by calling (888)
FIGHT-13 (344-4813). We offer affordable rates for loan modifications
and have various payment plans to assist you. If you want to fight to
save your home, Loan Lawyers can help.