If you are having trouble making your mortgage payments, you might be considering filing for a mortgage loan modification. While you don’t need a foreclosure attorney, you probably have questions.
There are four things a foreclosure attorney would likely tell you if you are considering a mortgage loan modification. If you have questions, we have answers. Read on:
Government mandates
Although the government’s Home Affordable Modification Program ended, its guidelines may still be used by some mortgage lenders. It is up to your mortgage lender to determine your eligibility for a loan modification of your mortgage note.
That’s why it’s a good idea to talk to a seasoned foreclosure attorney.
Extending your loan
One thing you can do if you are considering a mortgage loan modification is to ask your lender to extend the term of your loan, putting the delinquent balance on the end. It’s probably a good idea to look at the many modification calculators available on the Internet as well. You must show financial hardship; options are available!
Temporary modifications
Many homeowners in financial straits can get a temporary loan modification of three months. At the end of that term, you can be considered for a permanent loan modification by your mortgage lender.
Keep excellent records
If you are considering a mortgage loan modification, the best advice a foreclosure attorney could give is to keep excellent records. You might have to resubmit the same documents more than once, so keeping them all organized and together will save you headaches down the road. Also, sometimes lenders can lose or misplace your documents. Keeping track of it all is the best advice.
Mina Nami Khorrami LLC
If you or someone you know is considering mortgage loan modifications, consider an experienced foreclosure attorney from Mina Nami Khorrami LLC. Call us today.