The effects of the financial crisis of 2008 are still being felt today. Many families are under impending threat of losing their homes in the foreclosure process. It is imperative that you take all measures necessary to avoid the loss of your property in foreclosure as it has significant negative impacts on you, your family and your credit. Thankfully, loan modifications and short sales are available means by which you can avoid losing your home to foreclosure if you are proactive in resolving your homeownership issues.
A loan modification can be a win-win scenario for both you and your lender. Loan modifications are based on your financial standing. Loan modifications involve the re-negotiating of certain loan terms and rescheduling of loan payments that typically result in a smaller installment amount and potentially a longer payback period. A loan modification can also reduce your interest rate to the current rate, change your variable rate to a fixed interest rate, and re-amortize missed payments into the principal balance of the loan.
However, it is important to understand that your lender will not stop the foreclosure process while applying for a loan modification. This is precisely why it is so important to have an attorney handle the loan modification process. An attorney will help clarify the otherwise complex and confusing loan modification process and help prevent unnecessary delays or a potential denial from paperwork being improperly submitted.
Call the Law Offices of Jarrett R. Williams, P.A. today to have our attention to detail and real estate transactional and litigation experience provide you with the insight to achieve solutions to your most complex real estate matters.
“Detail. Insight. Solutions.”