The purpose of a loan modification is two-fold: (1) Reduce your monthly payments to a more affordable amount and; (2) Defer your mortgage arrears to ensure your home is not in risk of foreclosure. One thing to keep in mind, lenders are often willing to accommodate their clients with a loan modification. The reason is simple, they would much rather receive money from their clients for the next 15-30 years instead of financing a foreclosure.
However, this does not mean that the lender will simply provide a modification to all who apply. Each lender has their own specific rules and standards as to who qualifies for a loan modification.The application requires for certain documents to be attached and often times a solid understanding of real estate and foreclosure law.
To ensure your best chance of securing a loan modification, we recommend enlisting the services of our knowledgeable and experienced attorneys here at DebtErasers.