Will Modifying My Mortgage Make My Payments Lower?
Mortgage modification programs are great ways to reduce your house payment. The way it works is that you apply with your current mortgage lender for a rewrite of your existing mortgage. The rewritten mortgage will have new terms, and the biggest change is a drop in interest rate. Once the interest rate on your loan goes down, your payment will decrease as well.
If you are struggling to make your house payment, you should consider applying for a mortgage modification. The steps required include:
● Filling out an application for modification with your current mortgage holder.
● Providing documents to your lender showing your income.
● Giving details about your current financial situation, and showing that you are currently experiencing a financial hardship such that a lower payment will relieve some financial pressure.
● Participate in a trial modification, if requested to do so, to prove to your lender that you are capable of making the new payment.
It is important to document your efforts, by keeping copies of all documents you send to the lender and keeping a diary of the dates and times of any telephone conversations. It is not out of the ordinary to have your lender request data you have already sent, and if that happens you will want to be able to show the lender the requested information has already been provided. This can take a lot of time and cause a great deal of frustration, and not all lenders will agree to give you a modified mortgage. For these reasons you need to partner with a qualified legal professional who can take on these tasks for you. A good lawyer will also negotiate on your behalf, so the modified terms offered are ones that are within your budget. We can help you analyze your finances and determine if a mortgage modification is right for you or if you need to explore other options. If so, we will let you know what options may work for your situation and help you decide what steps to take next in your efforts to becoming debt free. Our goal is to help you get back on your feet, and give you a positive financial outlook.
For more information about mortgage modifications, contact us at www.DsouzaLegalGroup.com.