LOAN MODIFICATION
 
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A loan modification also known as a "Loan Mod" is a change to the terms of a mortgage loan that is agreed to by the bank. The change may be to the interest rate, term of the loan or the total amount owed on the loan. Banks agree to accept loan modifications when borrowers are unable to pay their mortgages as they may be facing some kind of financial difficulty.

Banks agree to loan modifications because they don't want to foreclose. Banks would prefer to work out changes to the loan so that the borrower can resume regular monthly payments. Banks are not interested in owning real estate. They don't want to own your home. Most often they are willing to negotiate a modification. Banks are often agreeable to work with borrowers who have experienced financial hardship.
Can my loan be modified?

A major factor in determining whether you are a candidate for a loan modification is whether you now have income to make even a reduced payment. The single most important question the bank wants to know is whether you can repay the modified loan. Sometimes these payments can be significantly reduced. Every client's economic and legal situation is different. We must understand the specifics of your current economic situation. This enables us to map out the best legal and financial course of action for you. Federal and state laws can actually be utilized as a means for lenders to modify your loans.
Reasons For Loan Modifications

Reduction In Property Value - where your property is worth less than it once was. This can provide for principal and interest rate reductions.

Income Interruption - lenders can reduce interest rates, principal, late fees & penalties if your income ceased for many reasons.

Medical Related - documented medical conditions and illnesses affecting your ability to pay your mortgage are reasons for loan modifications.

Job Loss - if your ability to repay debts was caused by job loss there are legal and financial remedies which allow you to start over.

Financial Hardship - Additional financial factors impacting your ability to pay your bills can enable a creditor to provide you a loan modification.

Market Factors - loss in net worth due to economic factors are reasons for lenders and creditors to provide better terms until times change.

"There may be many legal and financial options available which you may not know. We protect your legal rights"