Mortgage Modifications

September 16, 2019 By Elliot Schlissel

As 2008 came to an end the stock market took a plunge. The economy in the United States seemed to have slowed down. This has caused more homeowners to fall behind on making their mortgage payments. When a homeowner cannot make their payments under their mortgage affirmative action can be taken to deal with the situation prior to the home going into foreclosure. One of the better actions a homeowner can take is to apply for a mortgage modification. Since 2008 millions of homeowners in the United States have applied for mortgage modification. A mortgage loan modification can be the answer to homeowners’ financial issues in many situations.

The Modification

A loan modification basically seeks to change the terms of the original loan in a manner that makes it easier, less expensive and more convenient for the homeowners to make their mortgage payments. The granting of a loan modification by the lending institution may stop the home from going into foreclosure and being lost. If the bank approves the mortgage modification, there is usually a period of 3 months to 6 months when the homeowners receives a temporary modification. If they make their payments on time they are usually offered a permanent loan modification.

Elliot S. Schlissel, Esq. is foreclosure attorney. He helps homeowners obtain mortgage modifications and fights foreclosure lawsuits. He has been helping homeowners keep their homes throughout the Metropolitan New York area for more than 3 decades. He can be reached at 800-344-6431 or e-mailed at: Elliot@sdnylaw.com for a consultation. If you have a problem with your mortgage you should contact Elliot for a free consultation.