The excitement of buying a new home is in sharp contrast to a situation in which a buyer is afraid of losing their home. Sometimes, a Fort Lauderdale family's financial situation changes from the time they purchased their home to the time they lose it. This hardship can make it difficult to pay the mortgage on time, among other struggles. A loan modification may be what helps a family save their home.
With a change in a financial situation, a lender will often consider loan modification as a temporary or semi-permanent solution. These solutions can have benefits for both lender and homeowner. For the lender, it ensures that they are getting a timely payment and they know what to expect. Also, the homeowner can have a lower payment when a loan modification is agreed upon between the homeowner and the lender.
The loan modification can be made to modify any range of aspects concerning a home loan. Most often, Fort Lauderdale residents look to modify the amount they are paying on their loan, whether by lowering the principle payment paid every month or by some other means. Oftentimes, the loan modification may be contingent upon some other factor, such as income. If a person's income rebounds, it could signal the end of a temporary loan modification.
At the Law Office of Kimberly A Abrams & Associates, we know how crucial a loan modification can be for homeowners. It could be the difference between keeping your home or losing it when it moves into foreclosure. Be proactive if you know you are going to be unable to make your mortgage payments. It can make all the difference in keeping your home.