Tuesday, May 9, 2017
Three Reasons To Have Your Mortgage Modified
When most people start experiencing financial trouble, they try everything they can to stay afloat. That might include borrowing from friends or family, taking money out of savings or a retirement account, or shuffling debts from one credit card to another. But after time, most of these methods catch up with you, and you can end up owing more than when you started trying to get things under control. Rather than make the situation worse, let us help you find a solution that works. One option is to reduce certain debts you pay regularly, so that you have a little extra money each month to make ends meet. A good place to start when you want to reduce a debt is with your house payment.
Three good reasons to have your mortgage modified include:
• A modification will get you a lower interest rate. A lower interest rate will lower your payment, and when your house payment goes down your disposable income goes up. If you can save money on your house payment, you can put the extra towards other debts so your paycheck stretches farther.
• You can become current on your house payment through a modification, which will help prevent a foreclosure.
• A modification, when paid as modified, can help to boost your credit score.
Each situation is unique, and your need to ask for a modification of your mortgage is personal. Whatever your incentive for seeking a modification, let us help. We will deal with the mortgage company for you, which takes a lot of the burdensome leg work off of you so you can focus on other needs. And, if a modification is not going to fix your finances in the way you desire, let us talk to you about the possibility of filing for bankruptcy. With a bankruptcy you can eliminate or greatly reduce some of your debt, making it easier to pay for your house. If you are having a hard time paying all of your bills, remember that you do have options. Let us explain those options to you, so you can make a decision that makes sense.
For more information about a mortgage modification, call us today or reach us online at www.law-ri.com. We offer appointments at multiple locations for your convenience and can schedule a time to visit with you today.