If you have fallen behind on your mortgage payment, and you do not see any foreseeable way to catch up, a loan modification may be a good option for you. Loan modifications are not for everyone, In general, the people who benefit the most from a loan modification meet at least one of the following criteria.

  • A financial hardship has put you in a position where you could lose your home
  • You anticipate you will experience a serious financial hardship in the near future
  • Your mortgage is larger than the value of your home
  • You are facing foreclosure
  • You have fallen behind on your mortgage payments
  • Your adjustable rate mortgage has increased & you can no longer afford it
  • Your adjustable rate mortgage is about to increase, which will raise your monthly payment
  • You have a fixed mortgage rate, but your interest rate is at least 2% above the current market value for a 30 or 40-year home loan
  • You have a steady source of income

The best course of action is to contact an attorney who is well versed in loan modification. I can provide the names of several in the area who have helped my clients. Please email me for further, completely confidential help.