If you are in a financial hardship that is causing great difficulty for you to repay the original loan amount, then you may want to hire an attorney to help guide you through the process of a loan modification. You can work with your lender to change the terms of your loan and find a better payment plan to play off the amount due.
What Is A Loan Modification?
A loan modification is a change made to the current loan terms, which can involve lowering the interest rate, extending the term to repay the loan, applying for a different loan, or a combination of all three. These changes are typically made if the borrower is unable to pay the original loan. Loan modifications are usually done on secured loans such as a mortgage. The lender can agree to the loan modification during settlement procedure, or in case of potential foreclosure. They may agree to the modification because they will lose less money than having a charged-off account or a foreclosed home. It is a great way to gain back some financial control and can get rid of a huge financial burden.
Why Hire A Loan Modification Attorney?
It is very beneficial to hire an attorney when trying to modify a loan because you will need someone who is experienced and knowledgeable in the loan modification process from start to finish. You need to have the property guidance to ensure the modification is completed since many people begin the process but then end up foreclosing on their home anyways. An attorney can make sure the paperwork is filled out correctly, in a timely manner to avoid any delays or denials. Lenders are more likely to negotiate with you when you have legal representation. An attorney can sometimes get you a better deal with better terms and conditions compared to you fighting on your own.
Loan Modification With Jack Berman In Livonia MI
If you are struggling to pay your secured loan, you may qualify for a loan modification. Jack Berman in Livonia MI will fight for you and work with your lender to change the terms and conditions of your original loan amount. Mr. Berman had over 40 years of experience and is devoted to helping his clients throughout their financial troubles. He will guide you through the process from start to finish and help you achieve your financial goals. To learn more about loan modification you can contact us online, or call us at our Wayne County location at 734-367-0600 or at our Macomb County location at 586-779-6000 today!