A mortgage is one of the biggest financial burdens an individual or family may have. It is also arguably one of the most important financial obligations they have. Fortunately, there are options for those who struggle to make their regular mortgage payments.
A mortgage loan modification is a restructuring of the mortgage wherein the terms of the loan are changed so the payments are more affordable to the payer. The modifications created must be affordable but still able to pay off the amount owed.
There are different types of mortgage loan modification programs so it’s important to know the options available to you so you come up with the plan that best satisfies your needs. The following are a few types of mortgage modifications.
- Postpone payments
- Principle reduction
- Rate reduction
- Longer term
Understanding the language of mortgage modifications will also help you determine what kind of modifications need to be made.
- Principal—the total amount owed
- Interest rate—the cost of borrowing
- Term—the length of the loan
It’s up to the lender to agree to the type of loan modification but a mortgage modification attorney can help you understand the options available to you. It can be hard to analyze your assets and translate that into loan modifications that are actually more affordable to you and your family. You also want to make sure your lender is not taking advantage or your debts. A mortgage loan modification attorney will analyze your financial situation and help you avoid making loan modifications that hurt rather than help you down the road.
A Round Lake lawyer can guide you through the difficult and time-consuming process of a mortgage loan modification. It’s important that you understand your case but having an experienced attorney on your side is an even bigger asset.
The Burns Law Firm P.C. specializes in helping homeowners make the necessary adjustments to their mortgage loans. We know how difficult it can be to make those payments, which is why we have dedicated our services to helping people find an affordable way to stay on top of them. To get in touch with a lawyer today, or learn more about mortgage loan modifications, foreclosure defense, and bankruptcy, talk to The Burns Law Firm P.C. We provide mortgage modification legal services for Round Lake, Gurnee, and the surrounding area.
Contact us today to schedule a consultation.