Loan Modification or Loss Mitigation: Is It Right For You?
Life can be unpredictable at times, with new expenses rising up out of nowhere. Whether a life event or major change occurs or you lose your job, many things in life can cause you to fall behind on your mortgage payments. That being said, just because you're having trouble now doesn't mean you have to lose everything. You maybe be able to qualify for a Making Home Affordable Loan modification that could help you without putting your home at risk.
What is Loss Mitigation?
Loss mitigation is a process that often goes along with loan modification. It is used in an attempt to lessen the amount of damage typically caused when you default on your mortgage. Essentially, new terms are agreed upon by both the lender and the borrower that ensures the lender receives their money back and the borrower can make their monthly payments. To stay up to date with the latest news check out our Loss Mitigation News page.
What is Loan Modification?
A Loan Modification, otherwise known as mortgage modification, mortgage loan modification, or home loan modification is the process of modifying your existing loan to make your payments more affordable. The purpose of a loan modification is to provide you with a mortgage payment you can afford. It's actually very similar to a mortgage refinance but instead of finding a new mortgage that you can afford, this just modifies your current mortgage into something you can fit into your budget.
Why Loan Modification?
Loan modification is very helpful to those in times of great financial distress. It offers numerous benefits and can get you out of debt. Some of the primary reasons for a loan modification are to:
» Lower your interest rate
» Fix your adjustable rate
» Reduce your loan balance
» Grant extensions on payments
» Re-amortize loan to include past due payments
» SAVE YOUR HOME
Why Use A Loan Modification Attorney?
Lenders are difficult for two main reasons: First, you get different answers from the different customer service representatives each time you contact your lender. Second, customer service representatives are not equipped with the necessary tools to be able to assist you. To be able to get the best Loan Modification, you need legal assistance. Keep on reading to discover how a Loan Modification Attorney can help you get the results you want from your lender.
1. They know your needs. A Loan Modification Attorney will review your case from a legal perspective. The Attorney will know how to deal with your lender, and will help you prepare your application so it's processed quickly. When the Attorney presents your case, he will be armed with all the necessary documents & the correct negotiation techniques.
2. Loan Modification Attorneys get the best results. Your lender will take your Loan Modification request more seriously when you have an Attorney on your side, because an Attorney uses legal information as leverage when negotiating.
3. They buy more time. If you try to get a Loan Modification on your own it's very possible that they will be transferring you from one department to another without making any progress. And if you already are in foreclosure, you can't waste any more time. A Loan Modification Attorney can stop the foreclosure proceedings, giving you more time to recover while he concentrates on saving your home.
A Loan Modification is like going to court: you can save money by requesting a public Attorney, or you can invest on a professional one and get the best assistance and representation possible. A Loan Modification will not happen overnight, but with a capable Attorney, you can be sure you're in good hands.
Who Can Use A Home Loan Modification?
It depends on what your current situation is and who your lender is. While most lenders follow the same standards and have the same rules when it comes to loan modification, some do vary. They can easily let you know if you qualify for loan modification. Typically, however, the most common standards include having missed a payment, having experienced a recent financial hardship or change, owning a property and not having filed for bankruptcy. Other factors may come into play, but these are the basic rules you'll need to follow. See Our Beginners Guide to Mortgage Modification
How Do I Get a Loan Modification?
Getting a loan modification is actually pretty simple when you have a Loan Modification Attorney. All you need to do is complete our form online to see if you are eligible and let our Loan Modification Attorney negotiate on your behalf.
Keep or Sell Your Home?
Not qualified or dont want to stay in your home? We can link you with a short sale specialist for a quick sale.
Other Debt Solutions
Not sure if Loan Modification is right for you? Find out about additional debt solutions offered by AttorneysForConsumers.com
Loss Mitigation News
- Fri, 24 Aug 06:27:15 PM (PST)
Authorities in Las Vegas are happy to announce tha ... Read More
- Tue, 7 Aug 11:50:04 AM (PST)
Antioch Man Battle for Loan Modification Saves Home from Foreclosure
A recent article in the Contra Costa Times chronic ... Read More
- Wed, 1 Aug 03:09:14 PM (PST)
Wells Fargo Settles Bias Lending Lawsuit
In a stated decision to avoid legal action, Wells ... Read More