Will I Get To Skip A Month’s Payment If I Modify My Mortgage?

When people refinance their homes they often times get to skip a month, or maybe even two months’ worth of house payments. This is always nice because it gives you a chance to save a bit of money, or pay off another debt instead of making your house payment for 30 to 60 days. A modification of your mortgage can work in the same way and have a lot of the same benefits as a refinance. The most visible benefit is the lower payment, but there are other things you should expect when you modify your mortgage.

A few benefits to mortgage loan modification include:

•         The possibility of skipping a payment, depending on the timing of your modification. At the very least you will enjoy a lower payment, so the money crunch you are under will feel a bit less overwhelming.

•         A lower interest rate, that is good for the rest of your loan term. You should not allow your lender to modify your mortgage is the lower rate is only for a limited time.

•         Being considered current on your payments, which can put an end to collection calls and/or legal action such as a foreclosure.

Even if you are not able to skip a payment when you modify your mortgage, it is still a good idea to explore the possibility of a modification. As stated, the interest rate will be lowered during the process, and this gives you a lower payment. If your money is too tight right now, having a lower payment will give you some breathing room. And once you are on track with making lower payments, your credit can also begin to be repaired. Making consistent and on time payments will do wonders for your credit score, and you can accomplish this goal with a modification to a lower payment that is easy to pay each month. We understand how hard the struggle is to pay bills with less income that you bring home, and so work with you to come up with creative ways to bet back on track. One of the most popular ways to get a handle on your budget is to file bankruptcy, but a mortgage modification is also a good option. Let us take a look at your needs, and help you decide what will work best for you.

For more information about how to handle a high mortgage payment, 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.