Loan Modification
Loan Modification: Is It Right For You?
Life can be unpredictable at times, with new expenses rising up out of nowhere. Whether a life event or major change occurs or you lose your job, many things in life can cause you to fall behind on your mortgage payments. That being said, just because you’re having trouble now doesn’t mean you have to lose everything. You maybe be able to qualify for a modification that could help you without putting your home at risk.
What is Loan Modification?
A Loan Modification, otherwise known as mortgage modification, mortgage loan modification, or home loan modification is the process of modifying your existing loan to make your payments more affordable. The purpose of a loan modification is to provide you with a mortgage payment you can afford. It’s actually very similar to a mortgage refinance but instead of finding a new mortgage that you can afford, this just modifies your current mortgage into something you can fit into your budget.
Click here to see some of our sample agreements from our clients.
Why Loan Modification?
Loan modification is very helpful to those in times of great financial distress. It offers numerous benefits and can get you out of debt. Some possible benefits of a loan modification are:
» Lower your monthly payments
» Lower your interest rate
» Fix your adjustable rate
» Reduce your loan balance
» Waive negatively accrued interest
» Grant extensions on payments
» Re-amortize loan to include past due payments
» SAVE YOUR HOME
Why Use A Loan Modification Attorney?
Lenders are difficult for two main reasons: First, you get different answers from the different customer service representatives each time you contact your lender. Second, customer service representatives are not equipped with the necessary tools to be able to assist you. To be able to get the best Loan Modification, you need legal assistance. Keep on reading to discover how Attorney Centeno and her staff can help you get the results you want from your lender.
1. We know your needs. Attorney Centeno will review your case from a legal perspective. The Attorney will know how to deal with your lender, and will help you prepare your application so it’s processed quickly. When the Attorney presents your case, we will be armed with all the necessary documents & the correct negotiation techniques.
2. We will always try to get the best results. Your lender will take your Loan Modification request more seriously when you have an Attorney on your side, because an Attorney uses legal information as leverage when negotiating.
3. We buy more time. If you try to get a Loan Modification on your own it’s very possible that they will be transferring you from one department to another without making any progress. And if you already are in foreclosure, you can’t waste any more time. Attorney Centeno can stop the foreclosure proceedings, giving you more time to recover while she concentrates on saving your home.
A Loan Modification is like going to court: you can save money by requesting a public Attorney, or you can invest on a professional one and get the best assistance and representation possible. A Loan Modification will not happen overnight, but with a Attorney Centeno, you can be sure you’re in good hands.
Who Can Use A Home Loan Modification?
It depends on what your current situation is and who your lender is. While most lenders follow the same standards and have the same rules when it comes to loan modification, some do vary. They can easily let you know if you qualify for loan modification. Typically, however, the most common standards include having missed a payment, having experienced a recent financial hardship or change, owning a property and not having filed for bankruptcy. Other factors may come into play, but these are the basic rules you’ll need to follow.
How Do I Get a Loan Modification?
Getting a loan modification is actually pretty simple when you have a good Attorney on your side. All you need to do is contact our office and come in for a free consultation to determine qualification. Give us a chance to help make the difference for you today!
Click here to see some of our sample agreements from our clients.
