Having Trouble Making Mortgage Payment? A Mortgage Restructuring Attorney May Be Able to Help
A serious illness, job loss or death of a spouse can all result in late or missed mortgage payments. Homeowners in these situations do not have to accept foreclosure. If you are getting behind on your mortgage payments and your lender is threatening you with foreclosure, a mortgage restructuring may be the answer to your problem.
By restructuring your mortgage, you will have payments that are affordable for your family. The lender may change the terms to extend the length of your mortgage or reduce your interest rate so you can afford to make your payments every month. While this kind of restructuring may be exactly what you need to enable you to keep your home, it isn’t easy to get a lender to approve it.
Before your lender will consider your request, you will need to submit an application and prove that without a change in the terms and conditions of your loan, you will not be able to make your payments. A Mortgage Restructuring Attorney can explain your lender’s requirements and may help you obtain the documentation you need to request the review of your loan.
It is important to talk to your lender or an attorney about your change in finances as soon as possible. The process to modify a mortgage loan takes time and if you continue to miss payments, your loan may go into foreclosure before your lender is able to consider your request. By working with a Mortgage Restructuring Attorney, you can ensure that you submit all the documentation your lender needs in a timely manner.
Unfortunately, every request for loan modification is not approved by the lender. In some cases, the lender determines that it would be more profitable for them to foreclose on the property than to restructure the current mortgage. If your request is not approved and you meet certain requirements, you may still be able to keep your home by filing Chapter 13 bankruptcy. Whether you want help with a mortgage loan modification application or you need to file bankruptcy as a last resort, contact the experienced attorneys at Ledford & Wu. Your lawyer will explain your options and help you choose the best option for your particular financial situation.
