A loan modification is a modification of an existing mortgage loan. The loan is modified with the purpose of allowing you, the homeowner, to remain in your home without a past due balance allowing the foreclosure case to be dismissed. The loan can be modified in several ways and each individual loan is unique. The ultimate goal of a loan modification is to reduce your monthly payment to enable you to keep your home with a monthly payment you can afford. When loans are modified, the length of the loan can be extended, the interest rate can be reduced, the overall amount owed can be reduced, or a combination of any or all of these. Keep in mind it is very rare for the amount owed, also known as the total principal, to be reduced. Also, loans can be modified by taking the past due balance and adding it to the end of the loan as a balloon payment with zero interest. A balloon payment comes due at the end of the loan in a lump sum or can come due if the home is sold or refinanced. As you can see, there are many terms that should be negotiated when pursuing a loan modification.
What Are My Other Options?
Click here to learn about the other options you may have.
Your Next Steps
1) Call 877-595-3529 to schedule a free consultation with a foreclosure litigation attorney.
2) Get sound legal advice and find out what legal options are available to you.
3) Let us take action in your court case.
4) Smile with Kyle.
Kyle & Kyle Law has over 20 years of experience and has helped thousands of homeowners like you. This is probably the first time you have faced foreclosure. Well, it is not our first time. We have helped thousands of homeowners just like you. We care about your time and your future. Our goal is to help you understand what options are available to you, help you make a decision on what to do next, handle your court case, and allow you to take control of your future and Smile with Kyle.