Loan Modification Attorney RI, MA
What Is A Loan Modification?
- It is the Process in which the lender(s) will readjust the interest rate and/or payment of your existing loan(s).
Why Would You Do A Loan Modification?
- You may be behind in your mortgage payment(s) or struggling to make existing payments due to a hardship. For example, the hardship could be from loss of income, death, military service, property damage, divorce, adjustable mortgage increase, etc.
Why Would A Lender Allow
A Loan Modification?
- A loan modification keeps the lenders from having to manage properties.
- Lenders generally save money by not having to foreclose - stops interest loss, maintenance fees, boarding-up fees, property security fees, foreclosure fees, taxes, insurance, vandalizing expenses like stolen copper, and the upkeep of the property.
- It is good for the public, keeps neighborhoods from being boarded-up which therefore keeps other values in the neighborhood up.
- Lenders have pressure on a federal level to get the properties out of their portfolio since it affects their ability to sell loans on the secondary market.