Question: What is a Loan Modification? Answer: A Loan Modification is when the bank allows a change in the terms of your existing mortgage. The purpose of a modification is to significantly lower your monthly payments, for either a temporary or permanent period of time.
Question: Who qualifies for a loan modification?
Answer: Anyone that is having trouble paying his/her existing loan may qualify for a loan modification. In today's housing market banks are willing to work with mortgage holders who are having trouble paying their mortgage. However, homeowners with a high probability of getting a loan modification are those currently in an adjustable rate mortgage, who have a high interest rate, and/or are experiencing any kind of hardship.
Question: If I cannot afford my mortgage payments, how would I be able to afford the legal fees involved in the loan modification process?
Answer: By the time you need to contact an Attorney to start your loan modification process, your lender is rejecting your mortgage payments, and you can use only a portion of that payment to save your home. The one-time-fee that you will pay to the Attorney will be divided into two installment payments, that are only a small percentage of your mortgage payment.
Question: Why will it work for me?
Answer: The government has asked for all lending banks to help in the foreclosure epidemic and modify mortgages for all troubled homeowners.
