What Is a Loan Modification?
A loan modification is when your lender agrees to restructure the terms of your mortgage in order to make them more affordable for you. A loan modification is a way to avoid foreclosure and keep you in your home. In order to obtain a loan modification you will need to negotiate the terms of the modification with your lender, which can often times prove to be difficult. In some cases it may be more beneficial for the lender to foreclose on your home, so the negotiations can require the help of a foreclosure defense attorney with experience in Ocala loan modifications.
A loan modification can be a great way to stop foreclosure and keep your home if you have fallen behind on your mortgage payments due to an unexpected financial hardship. By negotiating with your lender you may be able to reduce your principal, interest rate, or lower your payments for a set amount of time. For someone that wants to stay in their home but cannot afford their current payments this can be a great option.
A loan modification is one of the more difficult alternatives to foreclosure to obtain, so you need to prepare a thorough presentation to your lender to get them to agree to it. You may not be able to get the exact terms that you want, so be willing to make some sacrifices in order to make a loan modification work. It is important to remember that if you want to avoid foreclosure and keep your home you may have to cut your spending in other areas of your life.
Working with a loan modification attorney with experience in Ocala loan modifications can help educate you on what to expect and how to best get your loan modification approved. Call the Law Offices of Aaron Resnick (888)-316-2131 today to schedule your free consultation and find out if a loan modification is right for you.