If you have fallen behind on your mortgage payments and are not sure if you will be able to catch up, you may understandably be worried about foreclosure. Perhaps you lost your job or are struggling to manage unexpected financial complications, such as medical bills.
When you know you cannot afford your current loans, you should always explore your home mortgage modification options. Your lender may be willing to favorably adjust the terms of your mortgage so that you can continue to make payments.
If you are worried about losing your home, do not give up or lose hope. At the Law Office of Matthew Doyaga, LLC, we are ready to serve as your trusted advocate and pursue all available foreclosure avoidance strategies. Our Columbus home mortgage modification lawyer recognizes what is at stake and will use our wealth of knowledge to provide you with capable, results-driven representation. We are committed to helping you stay in your home and will treat you like a member of our family.
A mortgage modification is not the same thing as a mortgage refinancing. When you refinance your mortgage, you replace your current mortgage with a new one. A mortgage modification involves changing the terms of your existing mortgage. To qualify for a mortgage modification, you must already be behind on payments or have evidence that shows you soon will be. For example, if you have yet to miss a payment but realize you will no longer be able to keep up after losing your job, you may qualify for a mortgage modification. Our Columbus home mortgage modification attorney can advise whether your loan is a good candidate for a mortgage modification and help you understand what this procedure can do for you.
The goal of a home mortgage modification is to lower your monthly payments, which can be accomplished through:
- Extending the total length of your loan term
- Lowering your interest rate
- Switching an adjustable-rate loan to a fixed-rate mortgage
Mortgage modifications will not happen automatically when you start to fall behind on making payments. You must ask your lender for this form of relief.
You should talk to your lender about your mortgage modification options as soon as you know you cannot continue to pay your current loan. Though asking for help might feel embarrassing, the longer you wait, the less leverage and time you will have. If you do nothing, your lender will probably move to foreclose. Before filing a foreclosure lawsuit, your lender is generally required to contact you about foreclosure avoidance options – including home mortgage modifications – so there is no point in putting these hard conversations off.
You may be wondering why your lender may consider granting a modification, especially if the adjustments largely favor you. The truth is lenders rarely want to foreclose on a home if they can help it, as the legal process is expensive and time-consuming. Most lenders would much rather continue to receive some amount of money, even if it happens in smaller payments.
Most homeowners have better luck negotiating a mortgage modification when they get help from a legal professional. Lenders are more likely to take you seriously when they realize you have hired legal representation, especially because they know you may file for bankruptcy if they attempt to foreclose.
Our Columbus home mortgage modification lawyer will work to negotiate the best possible outcome on your behalf. If your lender refuses to grant an acceptable modification, we will help you explore all other debt-relief options that will allow you to protect your home, including Chapter 13 bankruptcy.