Loan Modifications are changes to your loan agreement. Your payments get more affordable, and you don’t have to default on your loan. Banks choose to offer loan modification programs because it is easier to work with you than to go through the arduous foreclosure process.
The objectives of both the lender and the borrower in the loan modification process happen to be the same. The goal is to design a repayment schedule that ensures the borrower can afford to pay their mortgage payments while being able to maintain their lifestyle. This means being able to pay other necessary living expenses including; car payment(s), food and groceries, utilities, gasoline, insurance, child care, clothing, home maintenance, property taxes, etc.
In order to qualify for a loan modification, one must demonstrate a true hardship, such as losing your job or a decrease in your monthly income; an unforeseen medical hardship; an adjustment to your original loan terms (rate increase) or a family hardship (death).
At Matrix Law, we understand the impact this situation has on your family. That is why our team of expert negotiators is ready to help you. For a free consultation, please call our office today.
