How does a loan modification work?
A mortgage modification is a potential option a homeowner can use to stay in their home if their mortgage is in default.
The aim of a loan modification is to lower the monthly mortgage payment to an amount the homeowner can reasonably afford. Generally, the mortgage payment is lowered by:
• Reducing the interest rate
• Extending the length of time needed to pay off the mortgage
• Adding the unpaid interest to the balance due
• Reducing the balance of the loan
At Lulich & Attorneys, our Vero Beach and Sebastian real estate lawyers work with banks, mortgage holders, and homeowners when a mortgage is in default. Our real estate lawyers are skilled at negotiating agreements, preparing the contracts, and enforcing economic rights in court.
To schedule an appointment with an experienced Indian River County real estate lawyer, call us at 772-589-5500 or fill out contact form.
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