If you have fallen behind your mortgage payments on your house or investment real estate or if you are already in foreclosure, negotiating a loan modification with your lender may be a prudent solution to normalize the situation and retain the property. With a loan modification, it may be possible to lower the regular monthly payments and, in some instances, reduce the outstanding principal amount while bringing the loan current. Banks often prefer to work-out a delinquency in a way that is beneficial to both the bank and to the borrower because they do not want to maintain a bad loan account for the reasons we briefly explained under description of our Loan Settlements area of practice.
A loan modification process is not easy. Most lenders have arduous requirements and most loan modification programs are relatively complex. On top of it, the entire process is usually lengthy and dealing with lender’s representatives may be extremely frustrating due to their bureaucratic procedures and approach. Loan modification requests that are not planned correctly from the beginning and executed perfectly are doomed to fail. At Loza Law we have not only legal but also financial acumen to increase your chances of successfully obtaining a desired loan modification. Please contact our office at (847) 297-9977 or email us at [email protected] for a strictly confidential consultation regarding a potential mortgage loan modification.