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Loan modification an option for those struggling with mortgage

On Behalf of | Nov 17, 2017 | Mortgages |

When it comes to the larger purchases and decisions in your life, none is much larger than the decision to buy a home. What this requires of you financially, and what it might mean emotionally for the buyer and other loved ones, is enormous. However, over the course of a mortgage financial situations may fluctuate, or an event may happen that greatly affects one’s finances. This is when Fort Lauderdale resident may look for another option, like loan modification.

Loan modification is a process that aims at adjusting mortgage payment requirements in the short or long-term. It is designed to help those struggling with their mortgage payments to pay a lesser amount for a period of time until they can get their finances back on track. Many lenders may cooperate with their borrowers in reviewing the terms of the borrower’s existing loan in conjunction with the borrower’s current financial circumstances. Thereby they will determine if the borrower may qualify for either a temporary or permanent loan modification.

Of course, one will want to represent their best interest in these negotiations as oftentimes it is not always a situation of offer, acceptance and consideration. The lender may come back with a loan modification that isn’t attractive to the borrower, or isn’t the loan modification they were thinking. Or maybe the time frame isn’t quite right. Whatever it is, the Law Office OF Kimberly A Abrams & Associates PA, can represent a person’s best interests concerning their loan modification request.

While a loan modification may not have been a part of the original plan, it might be part of your new plan. They say, everyone has a plan until they get punched in the face. Whatever might have ‘punched’ you financially can be worked around with the help of loan modification by lowering a mortgage payment. If a loan modification can help you keep your home, you should consider it.