Loan Modification:

Preventing Foreclosure with Loan Modification

Loan modification is a relatively new term for most people, but with the current market conditions and mortgage crisis, an increasing number of homeowners are turning to loan modification to prevent foreclosure. The purpose of loan modification, which means officially changing the terms of an existing mortgage, is to help make your loan more affordable. It gives homeowners who are facing a financial hardship a chance to save their home from foreclosure by establishing a new payment plan. Loan modifications can also be favorable to lenders if the cost of the loan modification is less than the cost of short selling or foreclosing on the home. If you are behind on your mortgage payments and think loan modification may be right for you, a loan modification lawyer can help you gain negotiating leverage and work to ensure that you receive favorable, affordable terms.