Changing Loan Terms
Loan modification programs change the terms of your mortgage. The main goal of loan modification is to get homeowners down to regular payments they can reasonably afford. Given current economic circumstances and the state of the housing market, many loan modification programs are available to help you keep your home. A loss mitigation lawyer at the Law Offices of Jill Michaels works with your bank or mortgage lender to avoid foreclosure. Loan modification typically works in one (or a combination of) three different ways:
Lower the interest rate. With a better interest rate, your monthly payment is lower.
Extend the length of the loan. If the loan is extended, payments are stretched over a longer period of time, decreasing mortgage payments.
Lower the loan principle. The smaller the amount you owe, the less you have to pay.
Attorneys at the Law Offices of Jill Michaels help you understand each program and if you qualify. They can also protect you from modifications that make paying your mortgage more difficult.