Things in people’s lives change. Sometimes a family’s financial situation improves and sometimes it goes downhill. If you are facing a problem making your mortgage payments it is highly recommended that you pursue a loan modification. A mortgage loan modification is an agreement between the financial institution and the homeowner to change the terms of the mortgage loan. Loan modifications can provide homeowners with lower interest rates and changes in the monthly mortgage payments.
Financial Difficulties
Should you be having financial difficulties, if you are downsized, or if you have lost your employment, modifying your mortgage loan may be the best way to save your home from falling into foreclosure. A loan modification may keep you and your family secure in your home.
What Loan Modification Can Accomplish
Loan modifications can extend your payment terms, remove late fees and reduce your mortgage payments. If you have a mortgage where interest rates have been continually going up causing your mortgage payments to increase, it may be possible to obtain a fixed rate mortgage when you modify the loan. An experienced foreclosure defense law firm will be able to assist you with regard to applying for a mortgage modification. They can help you develop the appropriate hardship letter as well as see to it that you are not jerked around by the processing company for your financial institution. Dealing with the application for a mortgage modification can at times be a frustrating process where the mortgage loan processor repeatedly requests the same documents again and again even after you’ve provided them.
Elliot S. Schlissel is a partner in the law firm of Schlissel DeCorpo LLP a well known foreclosure defense law firm that has been representing homeowners throughout the Metropolitan New York area for more than 3 decades. He can be reached for a free consultation at Elliot@sdnylaw.com or at 800-344-6431. The firm maintains offices in Nassau, Suffolk and Queens Counties in the State of New York.