Purchasing a home is one of the most exciting, validating experiences you can have. It is an indication of your responsibility and arrival: the culmination of hard work and your hope for a solid future. But sometimes things don’t work out the way that we plan. Jobs are lost, illness strikes, investments go bad, and when that happens, one of the first questions you ask yourself is whether you are going to have to give up your home.  The answer to that question depends upon the decisions that you make in the days ahead. The more realistic and proactive you are, the better the chance that you will be able to get through this challenge and stay in your home. One of the most important things you can do is to meet with a qualified attorney who can help you understand what your choices are and which is best for you. The attorneys at Reinherz Law have helped many people just like you to obtain mortgage modifications. Read below to learn about some of the mortgage modification options available to struggling homeowners and contact us for more information.

 

A mortgage modification represents a renegotiation of the contract between you and the lender who is holding the mortgage on your home. When you apply for a mortgage modification, you need to be able to show the reasons why you are struggling. Reasons that make you eligible for consideration include:

 

  • Being ineligible to refinance your home
  • Facing a long-term hardship
  • Being several months behind in your payments, or anticipating falling behind in your payments in the near future

 

A mortgage modification provides you with a way to lower the amount that you pay your lender each month. This can be accomplished by changing the payment amount you owe, the interest rate you are paying on the amount that you owe or the time period of your loan. Any of these three options can make a significant difference.

 

By modifying your mortgage, you do more than give yourself the opportunity to remain in your home. You also give yourself a chance to improve your financial standing overall. It gets you into a more stable place financially and gives you a new start. You will have the chance to eliminate the delinquency status of your loan while avoiding a foreclosure which would be reflected on your credit score for years.  You can even shift any interest or penalties that have not been paid into your unpaid principal balance and amortize them over the term of the newly negotiated loan.

 

A mortgage modification is a smart step, but in order to qualify, you may need legal assistance. The process can be complex and includes collecting all of the pertinent documentation and detailing the reasons for your financial hardship. An attorney from Reinherz Law can help you navigate the process. Contact us today to learn more about our mortgage modification services.