Failing to meet your mortgage obligations can lead to possible foreclosures and bankruptcy filings. Fortunately, a loan modification is an available option that allows debtors to remain in their homes while getting back on track financially. A loan modification is a change to the original terms of a loan that often results in more affordable monthly payments. Successful loan modifications can result in lower interest rates, longer loan terms, deferred balances, and even a reduction of the principal balance owed.
Common Reasons for the Modification of a Real Estate Loan
In order to qualify for a loan modification, a borrower is required to demonstrate to the lender a change in personal circumstances that has led to a financial hardship affecting his or her ability to keep up with mortgage payments.. Typical circumstances include:
- Divorce or separation
- Military duty
- A reduction in monthly income
- High medical bills
- Property damage
- Adjustable interest rate changes
- Serious illness
- Business failure
- Job relocation
- Death of a co-worker, spouse, or partner
In addition to the above list, there are a number of other circumstances that may warrant the need for modification of an existing real estate loan. Therefore, if you are unable to afford your monthly mortgage payment and believe that you could be in danger of losing your home, it is in your best interest to get in contact with one our highly experienced loan modification attorneys in Los Angeles, at the reputable Vokshori Law Group, as soon as possible. We will keep you apprised of your rights, discuss the personal circumstances that caused you to fall behind, and analyze your eligibility for a loan modification. For further information or to schedule a consultation please contact Vokshori Law Group at (855) 855-2608 or visit www.Voklaw.com.