What is a “Loan Modification?”
A loan modification is a process in which your lender modifies your existing loan to make it more affordable. It can be in the form of a rate reduction, and a conversion from an adjustable to a fixed rate. In the past, loan modifications were called “forbearance agreements” and were only used when a borrower was delinquent and suffered a hardship such as a job loss, divorce, illness, etc. Now borrowers can obtain mortgage help from their lender for unaffordable rate adjustments, to lower their principal balance in order to sell or refinance their home, or to lower or defer payments until they are back on their feet. With the bailout that the government afforded lending institutions, you no longer need to be late on payments or in foreclosure to modify your loan.
Atlantis Law can help. You may find yourself unable to make your mortgage payments because of high interest rates and property taxes. You may also be suffering from a recent layoff, divorce, or illness that can have a huge impact on your ability to stay on time with your mortgage payments. Many people modify their existing loans in order to fight to keep their homes. Here at Atlantis Law our Attorneys will work with your lender to negotiate a loan modifcation at a low, fixed payment you can afford. In some cases, we can even reduce your principal balance or defer payments.
To find out if you are eligible for a loan modification or to get one started, consult with one of our
Atlantis Law Attorneys at our firm as soon as possible about your mortgage or any other financial needs you may have.