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Is A Loan Modification Right For You?

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 foreclosure.

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.