For homeowners facing foreclosure, loan modification is often the best option available. Through a loan modification, a financially distressed individual may be able to save their home by embracing a mortgage amount that they can afford.
Loan modifications are becoming more common because of the decline in the housing market and struggle in the economy. The reduced standards for lending which contributed to the real estate boom are now causing problems as some borrowers are unable to afford payments on their loans.
If you've received, or are anticipating a notice that you've fallen behind on your home loan, then you may want to consider pursuing a loan modification agreement with your lender. The key behind a loan modification agreement is that they rely upon consent from the mortgage holder, and therefore, require negotiations with the bank in order to achieve mutual adjustments.
A loan modification is an agreement between a lender and a borrower to change the original terms of a loan to make the payments easier to afford. The most common loan modifications include lowering the interest rate, reducing the principal balance, 'fixing' adjustable interest rates, forgiveness of payment defaults & fees, or any combination of these.
When successful, a loan modification provides benefits for both the lender as well as the borrower.
When the Stone Haven Law Group LLC contacts your lender to negotiate your mortgage loan modification, your case will receive the attention it deserves, and we will be able to get you better mortgage loan terms than those that a lender would offer you directly. Given the loss of time and expenses that a lender must bear to foreclose a property, as long as the net return is better for them, lenders would rather negotiate loan terms than pursue foreclosure. For your loan modification, we will examine your financial statements, income and expenses, as well as the lender's expenses and terms, and negotiate to get you the best loan terms that fit your situation.
As of 10/12/09, we will no longer be accepting new loan modification cases. However, if you are an existing client, or you would like to learn more about loan modifications and your best options, please feel free to contact the Stone Haven Law Group LLC.. |
