WHAT IS LOAN MODIFICATION?
When you take out a mortgage against your home, you never imagine that you will not be able to repay it. Unfortunately, for a multitude of reasons, some people find that they are unable to pay their mortgage loans back according to the original terms.
A mortgage is a monetary agreement between a lender and a borrower secured against real estate owned by the 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 will go into foreclosure and could be sold in sheriff sale. The borrower is then forced to move and the lender is left with a property to sell. It is sometimes in the best interest of both the lender and the borrower to modify the original loan and create new terms to bring the borrower current. With a loan modification, the lender still receives their money and the borrower gets to keep their home.
In many cases, due to specific circumstances of the loan, income and expenses, 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. If the loan modification is denied, Michael Schwartz can provide the advice you need to save your home through Chapter 13 bankruptcy. Act today to set up your FREE consultation and discuss your options. Make Michael Schwartz your loan modification lawyer near me.