If you have been caught in a financial dilemma and now you can’t afford your monthly mortgage payments, you are not alone. And there is likely assistance available to help you avoid foreclosure and keep your house. We are able to provide legal advice and guidance through the foreclosure process in an effort to obtain the best possible loan modification terms on your behalf.
Lending institutions would normally prefer not to foreclose on homes. In most instances they lose money. Nowadays, in a depressed housing market, a home which is put up for auction often sells for considerably less than the principal owed. When you add the cost of auctioning these homes as well as the maintenance and taxes that they have to pay, the bank’s losses can become very significant. By agreeing to a loan modification your bank can minimize its losses, which in turn benefits you.
I am available to work with you to convince your lender to modify various aspects of your mortgage. Loan modifications can result in a reduction of the interest rate, an extension of the loan period or in some cases a reduction in the principal amount due. Sometimes, more than one aspect of your loan can be re-negotiated. Our goal is to have your mortgage payments reduced to the point that you can afford them. A successful negotiation will allow your family to keep its home.
If you have never been involved in a loan modification process, the prospect could be very intimidating. Any individual, by themselves, can initiate a loan modification. Those who do, however, may not have sufficient experience or lack negotiation skills. This creates added risk of failure, or of not getting the most beneficial terms possible. We work diligently, on your behalf, to negotiate a modification that will save your home from foreclosure.
Making Home Affordable Program
The Making Home Affordable Program is an important component of the government’s plan to assist struggling homeowners from having their houses foreclosed. It is anticipated that this program will stabilize our housing market and help improve the economy. Homeowners, who are eligible, can lower their monthly payments. The program provides for ways for folks, who are having a difficult time making their mortgage payments, to keep their home out of foreclosure. The program also includes provisions for those who are unemployed and own homes whose present value is greater than the principal owed.
If you have any questions concerning loan modifications in general or about this program please contact me. I would be pleased to help you avoid a foreclosure.