If you are facing a financial hardship such as an increase in expenses and/or decrease in income and are either struggling to make your mortgage payments, have fallen behind on your payments, and are in danger or losing your home to a foreclosure due to loss of a job, divorce or death in the family, a loan modification can save your home.
You may be able to keep your home even if…
- your home has a scheduled foreclosure date
- you have missed mortgage payments
- you have been served with foreclosure papers
- you have been told by the lender that you do not qualify for a modification
- you owe more on the loan that the property is worth
What is a loan modification:
A loan modification is a permanent change in the terms of your existing loan that allows the loan to be reinstated and can result in a lower, more affordable payment and saves your home from foreclosure. The lender may allow you to refinance, reduce the interest rate, extend the term of the loan, or roll past due payments into the total loan amount and even reduce the overall principal amount. There are different loan modification programs available which offer different options depending on each homeowner’s situation and each lender’s guidelines.
Alternative to loan modifications:
If you are unable to make your current mortgage payment but are not eligible for a loan modification, there are other alternatives to losing your home to a foreclosure such as short sale (selling the home for less than you currently owe), deed-in-lieu of foreclosure (giving the home back to the lender), getting a forbearance (lender reduces or suspends your loan payment for up to 90 days) or renting your property and using the rent money to pay your lender. If this is your situation, we can help.
We have many years of experience with past representation of all of the major banks in foreclosure proceedings and have first hand knowledge of what the banks are looking for when reviewing homeowners for a modification. We are very familiar with loss mitigation and the loan modification process and know all of the different lender requirements. We are dedicated to keeping you in your home and will diligently and skillfully negotiate with the banks to get you the best possible modification that is both affordable and reasonable to you. LJ Law will get results for you!
To see what programs may be available for you, contact us today.