Read This Before Filing for Mortgage Modification

• 28 May 2019
• Loan Modification

What is a mortgage modification?

Mortgage modification is essentially the process of adjusting an existing mortgage. There are many reasons why a mortgage may need to be modified, but the vast majority of these instances stem from financial instability. An individual may obtain a mortgage while they are in a good financial position. However, life can change and a person can become unable to pay the mortgage that they were once able to afford. If this type of circumstance arises, a mortgage modification may be necessary.

Major and notable benefits of mortgage modification

The greatest benefit of modifying a mortgage is the fact that the financial burden is going to be relieved. Finances can easily change over time. Someone may take out a mortgage when they are making great money, but life can throw a wrench in a plan that seemed so easy in the past. An individual may lose a job, or there may be some other instance that dramatically alters their ability to pay for their mortgage. Rather than lose the home that they have purchased, they may be able to simply modify the mortgage terms that they have agreed to. Mortgage modification is beneficial to both parties, based on the fact that most lenders would rather receive their money at a lower rate, as opposed to having someone completely default on their mortgage.

Requesting a mortgage modification

You will have to prove financial hardship in order to be granted a mortgage modification. Nearly everyone who successfully obtains a mortgage modification has utilized the services of a loan modification lawyer. A mortgage modification attorney has the tools necessary to get you approved, so don’t think you can simply apply for a modification on your own. A mortgage modification attorney has the knowledge and experience to navigate the process of obtaining a modification to your mortgage, so make sure you seek the help of a professional if you find yourself experiencing financial hardship.

Why you need an attorney to help you

There are a host of things that need to be proven if you are going to receive a modification to your mortgage. A loan modification lawyer is an expert when it comes to navigating these types of cases, which is why it is absolutely essential to consult with one of these attorneys. Your loan modification lawyer will have dealt with many similar cases to yours, giving them the ability to specialization necessary to obtain a modification. Utilizing the services of a lawyer from a practice such as the Radow Law Group will give you the best shot at getting your mortgage modification granted.

Radow Law Group attorneys will be able to guide you through the process of obtaining a mortgage modification and will relieve the stress that comes along with this type of situation. Some people think that they will be unable to afford a lawyer, which is completely understandable. The reason these individuals need a loan modification is rooted in financial hardship, which can lead someone to think they will be unable to afford an attorney. However, it is incredibly difficult to obtain a loan modification without professional help. You wouldn’t try to defend yourself in court without a lawyer, so make sure you hire a professional attorney who specializes in loan modification if you find yourself unable to pay your mortgage.