If your mortgage is currently more than the value of your home and you are struggling to make ends meet due to a major life event change, you may be a candidate for a mortgage loan modification. Mortgage loan modifications allow you to stay in your property while reducing monthly payments to more reasonable rates.
How a mortgage loan modification works
Sometimes referred to as a home loan modification or a mortgage modification, a mortgage loan modification gives you a fresh start to bring your mortgage up to date. Property owners work with lenders to determine whether the owner (also known as the borrower) is eligible for modifying their mortgage. To be eligible, you must demonstrate that any outstanding balance owed is because you suffered a setback that has since been resolved and you are now able to make payments at a lower level over a longer period of time.
A well-crafted loan modification can:
Assistance from knowledgeable attorneys
Thompson and DeVeny Co., L.P.A. helps clients determine whether a loan mortgage modification is right for them. Our lawyers have in-depth knowledge of Ohio and federal laws regarding mortgage loan modifications and can direct you to trustworthy lenders. We prepare applications so all necessary information is present and your financial situation is accurately represented to the best of our knowledge. We work with you and the mortgage lender to negotiate a new, reasonable payment rate you are sure you can meet. Additionally, our attorneys understand the relationship between bankruptcy and past due mortgages and may be able to help you save your home by securing a mortgage modification in lieu of or in conjunction with a bankruptcy proceeding.
The lawyers at Thompson and DeVeny Co., L.P.A. provide practical, cost-effective legal representation. To set up an appointment with any of our attorneys you can call us at 937-684-9347. For more detailed information about our attorneys, visit the Our Attorneys page, or contact us online. We have over 100 years combined experience in the legal profession.