Home Loan Modification

Home loan modification is a term used frequently in the loss mitigation department of mortgage servicing companies. A loan modification occurs when you come to an agreement with your lender to permanently modify the terms of your home loan so that repaying the mortgage balance is more manageable and attainable for you and your family. Agreed upon terms could include a temporary forbearance, allowing you to skip payments for a specified amount of time to give you a chance to get on your feet financially, folding late payments and associated interest and fees into the principal balance and re-amortizing the loan and temporarily or permanently lowering interest rates.

Avoid Foreclosure and Modify Your Mortgage

  • Reduced Interest Rates
  • Lower Mortgage Payments
  • 2nd Mortgage Elimination
  • Chapter 7, 11 or 13 BK Inclusion
  • 3-12 Month Forbearance
  • Loan Settlement
  • Preserve Your Credit

Over 90% of the time, home loan lenders are willing to work with borrowers to help keep them in the loan. It's more profitable for them to do this than to foreclose. Why? When lenders foreclose, some of the costly things they have to do include: paying attorney fees, court and collection costs, maintaining fire insurance, hiring a real estate professional, repairing structural and other damage to the home and paying property taxes. In a typical loan modification (loss mitigation), lenders lose between $28,000 and $50,000 per property. By the time the foreclosure is said and done, they've lost a lot more than this.

If you decide to do a loan modification, get a hold of your lender's loss mitigation department ASAP and be persistent. Your lender is probably overwhelmed with similar requests from other troubled homeowners. If your lender won't cooperate, get a real estate lawyer. Once you have attorney representation, the lender has to respond and work with the lawyer within a 60-day dispute time-frame. Be sure to get an attorney that specializes in loan modifications and has a thorough understanding of how to use the Truth in Lending Act and the Real Estate Settlement Procedures Act to get your lender to cooperate.

Please complete this form below and one of our home loan modification specialists will contact you shortly to discuss your home financing needs.

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This website does not promote loan modification scams of any kind. We do not offer mortgage relief or home foreclosure assistance. Many states do not allow law firms or loan modification companies to take money up-front. Check with your state's Attorney General for more specific updated information.