Loans can be modified to change the conditions and provide financial relief for the homeowner. They can help homeowners who are struggling to make payments reduce their monthly payments and prevent foreclosure. A loan modification can help borrowers who experience financial setbacks due to long-term illness or disability, loss of income due to divorce or death, a natural disaster, or a sudden increase in costs.
How Long Does a Loan Modification Last?
After qualifying for a loan modification, you will receive a trial period of 3 months to test your ability to pay back the right amount by the due date. If there are no issues during the trial period, you will likely be approved. A loan modification is permanent and will give the borrower more leeway to prevent them from falling behind on payments. If the borrower continues to miss payments, the lender may foreclose.
Loan Modification At Jack Berman Law
If you are interested in a loan modification in Livonia, MI, Shelby Township, MI, Sterling Heights, MI, or the surrounding areas, our legal team has the expertise to handle all your debt-restructuring needs. We have helped thousands of clients successfully resolve their debt problems. We provide unmatched legal representation to our clients. We can determine what loan modification programs are available for you and handle the entire process from start to finish. Contact us online to find out if a loan modification is right for you.