How can mortgage loan modification help a borrower? It may offer several different options to ease one's financial situation, by:
- Refinancing your current mortgage
- Changing the original terms of your mortgage loan
- Allowing you to skip one or more mortgage payments
- Reducing the principal balance of your loan
- Reducing the current interest rate on your loan
- Lengthening the term of your loan
Depending on how you approach your mortgage loan modification, you may be able to secure a significantly lower monthly payment.
In the past, homeowners were left no options if they were unable to refinance their original mortgage loan. They were bound to the original terms of their contract, and if they fell into default, they would face foreclosure. Lenders had no way of remaining in business if they did not collect on outstanding loans, leading to foreclosure in their attempt to recoup their losses. Borrowers were then forced to try to sell or lose their home to foreclosure. In either scenario, the borrower was left without a home.
With the advent of mortgage loan modification, homeowners were offered a way out. By adjusting the terms of their mortgage agreement, they may be able to reduce their payments and keep their home.
Although a borrower may try to negotiate a loan modification without legal counsel or the services of a professional, this can prove to be a highly complex and time consuming process. The chances of reaching a viable modification are much higher with professional help, as an attorney will know precisely what to do to seek the best possible outcome based upon your unique circumstances.
For experienced help with loan modification, foreclosure defense, bankruptcy and all other forms of debt relief in Long Island, contact Jacoby & Jacoby. The team stands prepared to protect your legal rights and financial interests.
Contact a Long Island loan modification attorney today.