What Options Do I Have To Modify My Mortgage?

If the writers of Forest Gump are right, then life truly is “like a box of chocolates”, meaning you don’t know what you might get, but there are certainly a lot of choices. Take a minute to think about some of the things you do and see every day, like which route to take to work or what to have for breakfast, and you will quickly see that there are options for just about everything. Having choices is a good thing, because it ensures you get the best result for your circumstances. Not everyone has the same needs, so having an option that meets your needs is always a positive.

When you are looking to lower your bills, you have options that will help you reach that goal. You can refinance your car, you can call your credit card issuers and ask for a lower rate, and you can also modify your mortgage loan. A mortgage modification is a change to the terms of your mortgage, most notably changing the interest rate by making it lower. With a lower rate comes a lower payment, and that is something that can benefit anyone. Within the choice to modify your mortgage you also have choices, such as:

•         Whether to accept the changes offered by the lender, or ask for something different.

•         Whether you will modify just the interest rate, or also the length of time you will be repaying the mortgage loan.

At the end of 2016 the most popular modification program expired, but that does not mean you cannot still get a modification. To get started, take a look at your finances and what needs to be done to account for any shortfall. Find places you can cut back on expenses and see where you end up, so you can identify additional savings opportunities. Once you have cut back on so called luxuries, you will know exactly what you need your house payment to be at in order to make ends meet. Having an idea of your financial needs before seeking a mortgage modification is a good idea because it puts you in the position of knowing what to ask for from your lender.

For more information about how to fix your finances, call us today or reach us online at www.law-ri.com. We have multiple locations to serve you and can schedule a time to meet at the office most convenient for you.