Fayetteville Mortgage Modification Lawyer
Buying a home is likely to be the most significant purchase you make in your life. Both in terms of emotional value and sheer financial worth, a home is significant, and it is an asset that you should fight to protect. Unfortunately, unforeseen life and financial events can put hard-working individuals in a position where making scheduled mortgage payments becomes difficult, if not impossible, which can put a home at risk of being foreclosed upon.
Fortunately, just because you are having trouble making your mortgage payments doesn’t mean that you are destined to lose your home to foreclosure. In fact, there are many instances in which a homeowner can negotiate with their mortgage lender and secure a modification to the original mortgage loan. Securing such a modification can be complicated, however, which is why you need the assistance of an experienced Fayetteville mortgage modification attorney from the Bradford Law Offices, PLLC.
How Mortgage Modification Works
Many homeowners are unaware that there are actually many different ways in which a mortgage can be modified to make it easier for them to continue making payments and avoid foreclosure. Based on the specifics of your situation, an experienced mortgage modification attorney can help you secure one or more of the following modifications:
- Lowered interest rate on your loan
- Reduced principal loan amount
- Reduced amount of accrued interest
- Eliminated or reduced fees/penalties
- Extended repayment period for the loan
Don’t let yourself lose hope if you are having trouble making mortgage payments. With the assistance of a Fayetteville mortgage modification attorney, you may be able to secure a favorable modification to your mortgage and protect your home and your future.
Talk to a Fayetteville Mortgage Modification Lawyer Today
Modifying the terms of your mortgage is a complicated process, but the Fayetteville mortgage modification attorneys at the Bradford Law Offices, PLLC, are ready to put their two decades of experience to work helping you pursue the results you need. Call us today at (919) 758-8879 to learn more about what we can do to help you protect your home.
Mortgage Modification FAQs
Can a mortgage modification help me keep my house?
In certain cases, mortgage modifications can allow homeowners to make their mortgage each month and prevent default, therefore preventing foreclosure. Mortgage modification may not be right for every situation, but if you are going through financial troubles and are having difficulty making your mortgage, you may be able to reduce your monthly mortgage payment by negotiating certain modifications with your mortgage lenders to lower the interest rate on your loan, extend the repayment period of the loan, or a variety of other modifications utilized to make paying your mortgage manageable. For more information about how mortgage modifications work or to see if you qualify, please contact the Bradford Law Offices, PLLC at (919) 758-8879 today.
Why do mortgage lenders agree to modify mortgage agreements?
Mortgage lenders are not required to modify mortgage agreements but often do so as an alternative to foreclosure. It is often preferable for lenders to modify the original arrangement and take a smaller loss than to go through the often lengthy, complicated, and unfruitful process of foreclosure. Mortgage lenders may not agree to modify the loan agreement in every situation and often make their decision based on if they can reasonably believe the borrower will be able to make the monthly mortgage payments after modification or not. When negotiating with mortgage lenders, it is always important to have competent legal counsel on your side to ensure you are getting the best deal from your lender. For more information about mortgage modification, please contact one of our skilled Fayetteville attorneys at (919) 758-8879 today.
What is the Home Affordable Modification program?
The Home Affordable Modification program is a government program designed to help struggling homeowners keep their homes by modifying the loan agreement. Homeowners who go through this program must meet certain requirements and must have entered their mortgage agreement before certain deadlines, but those who qualify can receive more favorable modifications because the agreement is backed by the federal government. Those who enter the program will likely have to go through a three-month trial to ensure they are capable of paying their mortgage under the new agreement. For more information about the program and other mortgage modification options, please contact the Bradford Law Offices, PLLC at (919) 758-8879 today.