A modification to an existing loan made by
a lender in response to a borrower's long-term inability to
repay the loan. Loan modifications typically involve a reduction
in the principal balance, interest rate or an extension of
the length of the term of the loan. In some cases a different
type of loan or any combination of the three. A lender might
be open to modifying a loan because the cost of doing so is
less than the cost of default or foreclosure.
A loan modification agreement is different
from a forbearance agreement. A forbearance agreement provides
short-term relief for borrowers who have temporary financial
problems, while a loan modification agreement is a long-term
solution for borrowers who will never be able to repay an
existing loan.
Loan modification is a term very unfamiliar
to homeowners but not for very long. What most people are
coming to realize is that losing their house to foreclosure
is becoming a real possibility. Home foreclosure in America
today is at an all time high and is affecting many homeowners
that never believed they could lose their home to foreclosure.
Homeowners are feeling the crunch of higher interest rates
and a slowing economy. A loan modification may be the only
way for a homeowner to save the biggest investment of their
life, their home. Negotiating with the bank for a modification
of your home loan can be an overwhelming process for many
homeowners. That is why retaining the services of an experienced
law firm or real estate attorney rather than a loan modification
company is of extreme importance.
The reality of today's market is one of steep
drops in real estate values nationwide coupled with tighter
credit requirements. The combination of the two makes a formidable
opponent for someone facing an upcoming adjustment in their
payments due to an adjustable rate mortgage (ARM). It’s
not a good idea to take on your lender alone, as they would
prefer. The Feldman Law Center will represent you in bringing
your mortgage lender to reasonable terms that make sense in
today’s volatile economy. They will fight to save your
home and get you a payment you can afford. No matter what
the reason, the sad truth is that millions of people are in
the same boat. People are struggling to make their mortgage
payments and live worry free lives.
The first thought most people have is to
refinance their high interest rate mortgage. During normal
times this would be the correct answer, although it’s
always painful to pay the associated fees with doing the refinance.
In today’s market this formula doesn’t work, between
the drop in real estate value and the tightening of credit
you cannot recreate your past deal. The Feldman Law Center
will work to alter the terms of your mortgage to fit a workable
solution between you and your lender so it’s a win-win
for all involved.
There is no more time to waste, now that
you have a viable solution to your mortgage problem. Save
your home and protect your family. A licensed real estate
attorney is the solution. A loan modification company may
not be the answer if you are in fear of losing your home.
Save your mortgage and families life today. Make sure you
contact The Feldman Law Center today and get started on restructuring
your mortgage.
We are dedicated to assisting your family
with pre-foreclosure assistance and ethical loan modification
services.
Disclaimer
The information contained herein is provided for general information
purposes only and is not intended to convey a legal option
nor legal advice for any particular case or situation. Nothing
in this website shall create an attorney-client relationship.
Nothing sent to this law office via e-mail shall constitute
an attorney-client relationship. Nothing contained in this
website shall be construed to be a guarantee or prediction
of result.
