What Is a Loan Modification? How Getting One Helps Homeowners

If you’re having trouble paying on your mortgage, it’s good to know that you can renegotiate the terms of your loan. A loan modification can help you get your payments under control and even avoid foreclosure. There’s a lot that can happen in life that can make paying down your loan next to impossible—medical emergency and temporary loss of employment are just a few situations that come to mind—but with a modification to the terms of your loan, you could save yourself from sinking.

Loan Modification? What’s That?

When you’re experiencing financial hardship, dealing directly with your lender to renegotiate the terms of your agreement can help you avoid foreclosure and bankruptcy. But how does it work? It’s important to get started quickly. In fact, as soon as you notice that there’s a problem, you should be communicating with your lender. You’ll need to apply for mortgage assistance with your lender by filling out any forms they require. It’s important to note that a loan modification is not guaranteed. But with the right assistance, you can give yourself a better chance.

How an Attorney Can Help with a Loan Modification

You can apply for help with your mortgage by yourself, but there are a few reasons why you might want to hire an attorney to assist you. Attorneys are trained in negotiation, and those familiar with bankruptcy, real estate, and debt issues are in a good position to help you avoid making mistakes that could cost you. As trained negotiators, attorneys know how to get you the best terms possible on your loan if you are accepted for modification.

The loan modification process is also stressful. You’ll have to fill out seemingly endless amounts of paperwork, which, if filled out incorrectly, can negatively impact the decision on your loan. An attorney who handles loan modifications will be familiar with the process and help guide you through it. Furthermore, an attorney will help you understand what your rights are and fight back against any unfair practices that your lender may be employing.

Are you struggling to make payments on your mortgage and don’t know where to turn for help? Get in touch with the attorneys at AM Law in Miami. We are well-versed in bankruptcy law and can help you get the loan modification you need to avoid foreclosure.