Boca Raton Loan Modification Lawyer
There may come a time or two in your life when your home becomes unaffordable. This may be because you lost a job, received a pay cut, had your hours cut, or because other, just as important expenses popped up. Whatever the reason, you have several options for getting out of debt, some of which are more desirable than others. One such option is loan modification. If you are going through a financially difficult time, loan modification may be right for you. Contact the Boca Raton loan modification lawyers at Nowack & Olson, PLLC, to discuss your options and to see if loan modification is right for you.
Understanding Loan Modification
Loan modification is exactly what it sounds like—a process that ultimately changes the terms of your loan. The goal of loan modification is to reduce your monthly payments to an amount that you can afford. Typically, this involves extending the term of your loan, but sometimes it can involve reducing interest rates and/or forbearing or reducing your principal balance. While loan modifications are meant to help you in the short term, a bank is not likely to agree to a loan modification unless it can benefit in some way. That way is usually by more money over a longer period. If you do want to go through with a loan modification, it is important that you understand both the benefits and risks of doing so. A Boca Raton loan modification lawyer can advise you of the consequences and help you determine whether or not the method is really right for you.
When Loan Modification May Be Right for You
For many people, financial hardships are temporary. However, lenders do not care that you can resume your payments next month, or when you get a job—they care that you can make your payments NOW. If you begin missing payments because of job loss or some other financial suffering, the bank is bound to take adverse action immediately. You can prevent said action by taking action of your own. Some homeowners opt for bankruptcy, others choose to host a short sale, and some opt for a deed in lieu of foreclosure. With each of those options, you are sure to lose your home and your credit worthiness. If you hope to save your home and maintain your credit score, talk to our Boca Raton loan modification lawyer to see if loan modification is right for you. Some signs that it may be include the following:
- You have experienced a short-term hardship, such as job loss, divorce, or a medical emergency;
- You are able to make some form of payment, just not the whole of it; and
- You satisfy the loan owner’s eligibility requirements for loan modification.
Contact Our Real Estate Law Firm Today
If you are behind on your mortgage payments, you do have options, some of which do not involve losing your home. Loan modification is one such option. To discuss your options and to determine which is the best for you and your unique circumstances, reach out to our Boca Raton loan modification lawyers. Contact Nowack & Olson, PLLC, to schedule your free consultation today.
