What should I know about mortgage modification?

When you are struggling to make your mortgage payments, the pressure to get out of this financial hole is tremendous. If you are not eligible to refinance your mortgage, you are experiencing financial hardship for a long period of time, or you are not able to make your mortgage payments on time, you may want to consider obtaining a mortgage modification. A mortgage modification can allow you to reduce your payment each month of change other terms of your mortgage agreement. The mortgage company may allow you to make changes to your interest rate, your initial monthly payment, or the length of your mortgage payments.

Modifying your mortgage may be a better option for some people to consider instead of losing your home to a foreclosure. This gives you a chance to turn over a new leaf and get back on track with your mortgage payments. One of your options is to change your mortgage loan type, for example, going from an adjustable rate to a fixed rate. If you are considering changing the length of your mortgage, you should be prepared to extend it by a number of years.

When you decide to begin exploring mortgage modification, you should be ready to discuss all of the circumstances of your financial situation with your mortgage company. Before you call your mortgage company, make sure you have your mortgage statements, your pay stubs, income tax returns, and information about all of your liabilities.

If you have questions about how you can stay out of foreclosure or modify your mortgage, contact an experienced attorney today.

If you require experienced legal representation for any of your residential and commercial real estate, bankruptcy, or family law matters, contact the Mark Scollar Law Office today to schedule a consultation.