LOAN MODIFICATION

WHAT IS LOAN MODIFICATION?

When you take out a loan, you never imagine you won't be able to repay it. Unfortunately, for a multitude of reasons, some people find that they are unable to pay their loans back according to the original terms.

A loan is a monetary agreement between a lender and a borrower. When someone falls behind in their mortgage, the lender has the option to either create new terms so the borrower can avoid defaulting on the loan (loan modification) or let the borrower default on the loan. If the borrower defaults on their mortgage, the house goes into foreclosure, the borrower is forced to move and the lender is left with a property to sell. It is usually in the best interest of both the lender and the borrower to modify the original loan. With a loan modification, the lender still receives their money and the borrower gets to keep their home.

In many cases, for whatever the reason, the mortgage company denies the loan modification application. If the application is denied, the mortgage company will continue to pursue foreclosure. In this case, it is critical to speak to an experienced lawyer like Michael Schwartz so that you can explore your options to save the home.

LOAN MODIFICATION CAN KEEP YOU IN YOUR HOME AND MAKE IT AFFORDABLE

If you are struggling to make your mortgage payments, a loan modification might be right for you and your family. Bankruptcy Attorney Michael Schwartz is familiar with loan modification procedures and can help you work to modify your original mortgage to manageable payments. Act today to set up your FREE consultation and discuss your options.  Make Michael Schwartz your loan modification lawyer near me.