What is a Mortgage Modification

Mortgage by Nick YoungsonCC BY-SA 3.0Alpha Stock Images

A mortgage modification is based on hardship resulting in your inability to make your mortgage payment and thus, you and the bank reach an agreement to modify the mortgage in order to avoid foreclosure.

A mortgage modification may result in a lower interest rate, principal balance, monthly payments, switching from an ARM (adjustable rate mortgage) to a permanent fixed rate, and extending the amount of time left for repayment.

In addition to the above referenced benefits, a mortgage modification will also help you avoid foreclosure, a short sale, and/or filing for bankruptcy.

There are different mortgage modification programs available from private being offered by the lender, to government sponsored programs.

If you are considering a loan modification, contact attorney Alex Hernandez today for your free consultation.

Attorney Alex Hernandez

Representing clients in the areas of Chapter 7 Bankruptcy, Family Law/Divorce, and car and motorcycle accidents for 20 years. (904) 712-5565 or (305)-688-LAWS (5297). *Se Habla Español

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