The Three Biggest Benefits Of Mortgage Modification
Any time you engage in activity designed to help put you in a better financial position, it is always a good idea to have a basic understanding of the benefits available to you. With bankruptcy you will receive the benefits of eliminating or reducing debt, stopping a foreclosure or repossession, and putting and to garnishments and calls from angry creditors. A refinance of your home will let you start over with a new mortgage loan, hopefully at a lower rate. Debt consolidation is a way to wrap all of your obligations into one lump sum payment, making it easier to manage monthly expenses. Mortgage modification is no different, in that it also offers a distressed debtor huge financial benefits.
The three biggest benefits of mortgage modification are:
• Having your loan be considered current. When you modify your mortgage, any delinquency is typically wrapped into the newly modified loan, so you are no longer showing in a past due status.
• Adding any late fees and penalties to your new loan, so you do not have to come up with them right now or make a large payment in order to have the loan modified.
• Lowering your payment, permanently. The most important aspect of a mortgage modification is getting a lower interest rate. The lower the rate, the lower your payment. The money you save each month by having a lower payment makes it possible to maintain current payments, and to put extra money aside or pay other bills.
If you are struggling to pay your house payment, or other bills, consider these benefits from mortgage modification. The process requires you to fill out an application for modification, with your current lender, and provide documents and information on your need to modify. The paperwork can be daunting, but does not have to be so off-putting as to not complete an application. We can help! We have experience dealing with lenders, and giving them what they need to make a decision on modifications. We also have experience negotiating the best terms for your situation. Let us help you today by taking on your request to modify, and shouldering the burden of communicating with your lender for you.
If you are considering modifying your mortgage to help eliminate debt, or want information on other options, contact us at www.DsouzaLegalGroup.com.