A Lowell Modifications Attorney Discusses Loan Modifications
Missing a house payment is a very real possibility for many homeowners in these difficult economic times. The very reason most families get behind is the very same reason they cannot catch up without something changing. Let a Lowell modifications attorney provide some options and some hope.
The Basics of a Loan Modification
As the name implies, a loan modification will modify, or change the basic terms of, the homeowner’s loan agreement. A Lowell modifications lawyer can seek to:
• Lower the interest rate on the loan
• Increase the length of time for payback of the loan
• Lower the principle amount due on the loan
Any reduction of any of the three, or some combination of two or more, will result in a lower monthly mortgage payment. Most often, modifications also address back amounts owed.
The Lender’s Incentive
It should be clear, as a Lowell modifications attorney emphasizes, no lender is under any obligation to approve a modification; the result of such will be the lender will ultimately receive less money that it would absent a modification. The alternative, however, may well be foreclosure, which as your Lowell modifications lawyer can explain, may not benefit the lender.
Qualifying for a Loan Modification
Each lender has its own specific requirements, but a Lowell modifications attorney can advise that typical requirements include:
• A hardship, legitimate and verifiable, that led to the economic reality of the inability to meet the mortgage obligation
• Documented evidence of the complete financial picture of the homeowner, including income, assets, expenses and debts.
• A plan crafted by your Lowell modifications attorney to demonstrate that given the homeowner’s current financial situation, a new, lower payment made possible by the loan modification, would allow the homeowner to pay the mortgage and remain in the home.
Contact a Lowell Modifications Lawyer for Legal Advice
Any homeowner can proceed without a Lowell modifications attorney, but the reality of the short history of loan modification has proved that path to be unwise. You need representation that knows the laws, knows the lenders and can remove the burden from your shoulders. Contact the Law Office of Bruce A. Gage at 175 Central Street, Suite 219, Lowell, MA 01852. P) 978-364-3003 / 887-829-0831. F) 978-454-5352.