Loan modification is a tool you can use to find your way out of debt. When unexpected circumstances bring financial trouble, you have options. The Law Office of Brian R. Lewis can help you modify your home mortgage loan and create a path to a brighter financial future. It is possible to handle a loan modification without a lawyer, but you are putting your finances at risk. Most loan modifications apply to mortgage loans, though this is not always the case. Banks and mortgage companies are interested in making money and retaining as much as possible in terms of your original loan. There are options available regarding your loan, but without the support of a lawyer, it can be tough to make sense of any of them. An experienced attorney can help you find the best modification program available, complete the necessary paperwork, and move through the process with as few headaches as possible.
What is a Loan Modification?
A loan modification helps you reduce the amount of money you owe on a loan. It is an effective way to reduce monthly payments and relieve some of your financial burden. Often, the loan is modified by reducing the percentage of interest owed on the loan. Some modifications alter the payment structure, allowing the borrower to pay less now and more down the road, when their financial situation improves. You and your lawyer will discuss the modification options available based on the type of loan and the specific lenders.
What is the Process for a Loan Modification?
Once you have scheduled an appointment to discuss loan modification with the Law Office of Brian R. Lewis, you should gather the necessary paperwork and financial documents. You will need tax returns from the last two to three years, bank account information, current income information, identification, work history, and copies of your credit report. If you are requesting a home loan modification, you should bring information regarding your home’s value. You will also want to bring any paperwork you have already acquired concerning the modification of your loan. The more information you bring with you the easier it will be for your lawyer to begin a plan to pursue the modification. Some lenders require a hardship letter to begin the process of loan modification. This provides an explanation of your assets and liabilities, your income and expenses, and any extenuating circumstances, such as a recent job loss. Your lawyer can help you write this letter if necessary. Our attorneys will review your financial situation and determine how best to approach your lender for a modified loan. We have the experience to design a plan that helps you, but also appeals to the lender and encourages them to grant your modification request. Remember, the goal of the lender is to continue to get paid, even if some modification is needed. In most cases, they would rather make things easier on you than lose out on repayment of the loan. However, they are often reluctant to work with you to create a situation that is beneficial for the both of you. Our attorneys can help you work with your lender to devise a plan that allows you to repay your loan. If your loan payments have suddenly increased or you are experiencing a financial crisis that makes it impossible to repay your loan under current terms, our loan modification experience can help you improve your financial situation. The Law Office of Brian R. Lewis understands the stress associated with modifying a loan. Our experienced attorneys will help you handle the process and achieve the results you need to afford your payments. If you are concerned about your current financial situation or you think a loan modification can save you from losing your home, contact us as soon as possible.