The Top Three Reasons To Seek A Modification Of Your Mortgage

If you are having a hard time making your house payment it might be time to think about asking your mortgage lender to modify the terms of your mortgage. When you modify your mortgage you get a lower payment, because the most common form of modification is to lower the interest rate. And as we all know, when the interest rate on a loan is lower, the payments are also lower. But there are other benefits to mortgage modifications, and if this is something you are considering, it is good to know all of the advantages to a mortgage modification.

The top three reasons to seek a modification of your mortgage are:

•         A lower rate, which means a lower payment. But a lower interest rate does more than lower your monthly payment; it can also make it easier for you to pay off your loan faster. If you are capable of making the current payments, a lower rate will mean that you can continue doing so and pay off your loan faster.

•         Having a lower payment makes it easier to make your payments on time and consistently. This type of payment pattern can give your credit a boost, which can result in lower rates for other loans or rental agreements.

•         If you are able to modify your mortgage, you might be able to stave off a foreclosure. One of the best ways to help stop a foreclosure is to ask for a modification. And in many cases your loan will be considered current when you obtain a mortgage loan modification.

A mortgage modification is an excellent remedy for people who are struggling to make their house payments, but it does require you to fill out an application and get approval from your lender. This can be time consuming and confusing, but we can help. You may also have heard horror stories of people who have made the request to modify their mortgage, only to be given the run around. It is true that the mortgage companies can be difficult to deal with during this process, but when you partner with a competent attorney, you can avoid some of the hassle most people experience. If you need help making ends meet or are looking for a solution to your debt load problems, give us a call.

For more information about how to handle overwhelming debt, contact us at www.law-ri.com. We will help by coming up with solutions that work for you and have multiple locations to meet your needs for office visits.