Whether you need assistance with a loan modification, short sale, deed in lieu of foreclosure or foreclosure defense, the Law Office of Bruce R. Jacobs is designed specifically to address the legal needs of homeowners that are suffering as a result of the mortgage and housing crisis.
A loan modification is a permanent change to a loan contract agreed to by both the lender and the borrower. The lender modifies an existing loan in an effort to help the homeowner in a time of documentable hardship. The ultimate goal is to make the loan affordable for the long term. Usually loan modifications come in the form of a rate reduction and fixing the interest rate for a certain period of time. Loan modifications are possible for many borrowers who are behind on payments or who may qualify for special lending programs.
Times have changed. Due to the slowing economy and housing crisis, lenders are more willing now then ever before to offer a modification of present mortgage loan terms. Starting the loan modification process earlier rather than later helps borrowers obtain the most favorable terms.
If you can afford your home but you just can’t afford the terms of your mortgage then a loan modification may very well be perfect for you.