Banks agree to loan modifications because they do not want to foreclose. Banks would prefer to work out changes to the loan so that the borrower can resume regular monthly payments. Banks are not interested in owning real estate. They do not want to own your home. They are willing to negotiate a modification.

One of the most important litmus tests for determining whether you are a candidate for a loan modification is asking yourself whether you have income. The single most important question the bank will ask is whether there exists an ability for the borrower to pay the new modified loan payment.

Maybe your hours were cut at work. Or maybe you lost your job, and then found another job paying less. These are true hardships that the banks consider when approving loan modifications. Our law firm will provide you with the best legal advice to help you through the process.

A loan modification is a great option for borrowers who cannot currently pay their mortgage payment but who can pay an amount that is less than the full amount of their monthly mortgage payment.

Contact our office for a free consultation!