Monday, May 15, 2017
How A Mortgage Modification Can Help Stabilize Your Loan
Being unable to make your house payment is a scary thing. Your home is where you take refuge and feel safe, and when that is threatened, your entire world can be turned upside down. Finding a way to get a defaulted mortgage loan under control can give you back your life, and your feeling of security. It can also provide stabilization for your family, and maybe even for the mortgage loan itself.
Asking your lender to modify your mortgage has several advantages, and the most noticeable one is that you get a lower payment. But having your mortgage stabilized can also be a byproduct of a mortgage loan modification. Here is how it works:
• If you are not able to pay your loan regularly, you will have ups and downs insofar as what fees and costs are added to your loan. One month you may have to pay a lot more than the regular payment to account for late fees, and then when you get caught up the payment may return to its normal amount.
• You might also have to pay a lot more in interest one month vs. another, depending on your payment frequency and amount.
• These two things make it difficult to pinpoint a payment amount that is the same each month.
But, if you modify your mortgage to a more manageable payment, you can pay on time and consistently. Doing this will eliminate extra fees, costs, and interest accumulation. When you eliminate those extras, your payment stabilizes (or returns to a known amount each month). If you are considering requesting a mortgage modification, let us help. The process can be complex, but we know how to get it done in a way that helps you get back on track. We know you work hard for your money and to provide a home for your family, and want to help keep you in that home. And, if modification is not the right answer for you, we can let you know what other options are available to you. Bankruptcy might work for your situation, or you may be able to accomplish your finance goals by letting us help you structure a workout with your lenders.
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.