Life was treating you right, and all was going according to plan. Then it happened. You were driving during a snowstorm and slid off the road. You suffered serious injuries, and you discovered your health care plan didn’t cover as much as you thought it would. Your car insurance won’t pay much either. Facing mounting medical bills and unable to work full-time, you are now unable to pay your mortgage.
Other situations may prevent you from keeping your mortgage payment commitments. Perhaps you’re going through a divorce and custody battle, or you’ve lost your job. What can you do to hold onto your home before the bank steps in to foreclose?
If you’ve experienced any of these scenarios or similar ones, it’s time to contact a mortgage modification attorney. While you are within your rights to try to negotiate different terms with the mortgage company, an experienced legal representative may be just what you need, especially as you deal with the underlying issues that caused your financial difficulties.
What are mortgage modifications? When you signed the mortgage documents for your home, you agreed to a specific set of terms and conditions for paying off the loan. When you are no longer able to meet the contract’s requirements, no matter the reason, you will need to find a way to amend the loan. Load modifications permanently change the contract by altering one or more of its terms.
With a loan modification, the lender might be willing to:
1) Reduce the interest rate (making the monthly payments more affordable);
2) Convert your loan from a higher variable interest rate to a fixed interest rate;
3) Extend the length of the loan.
Unfortunately, the loan modification process is far from easy. It tends to be a long, arduous process with plenty of paperwork, forms filled with legal jargon, applications and more. An experienced attorney often can convince a lender to look for more reasonable solutions that avoid the time and expense of a costly foreclosure process. Your attorney can also make sure that your rights are protected, and that the lender hasn’t violated any federal or state foreclosure laws. Moreover, your attorney will take the lead in communicating with your lender, which can be extremely helpful as you face stressful and challenging situations.
There are many options available to those who need help in paying their mortgage, as an attorney, like a mortgage modification lawyer in Hartford, CT from a firm such as The Law Offices of Ronald I Chorches, can explain.