What Is A Mortgage Modification?

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What Is A Mortgage Modification?

When a person can no longer afford to make their mortgage payments, many times they become worried about their house going into foreclosure. If you can no longer afford your mortgage, you can work out with your lender what’s called a modification. You’ll need to speak to your lender directly and find out what type of workout programs they have available for you whether it is through the government or through their own personal modification plans. One of the things the lender will want to know is one, what are the details of your hardship and what is your ability to pay out some kind of agreed upon modification.

There are also government programs that can help you in reducing your mortgage despite the fact that lenders don’t actually have to follow any of them so it is important to determine whether or not your mortgage lender is involved with them. One of the programs created by the government is the Making Home Affordable program, which people who have made all of their payments over the last year are eligible for. Another option is the Interest Rate Reduction Refinance Loan, which you are eligible if you have Federal Housing Administration or Veterans Affairs loans. When you are researching what programs you may be eligible for when trying to reduce your mortgage, it is important to be in contact with both your lender and your attorney to discuss these programs to make sure you don’t get unintentionally involved in a scam when you are trying to save money.

Many times clients find that they need to have documents that are sent from the lender reviewed by their attorney and I’ve helped a lot of clients work out their modifications. Sometimes they want additional help through the whole process. Whether you work through the lender directly and exclusively or you work with your attorney, we’re more than happy to assist you in that modification.

Juan C. Velasco, Esq. is a trusted attorney who has been serving the New Jersey area for over 25 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you. 

About the Firm

Juan Velasco, Esq. has over 25 years of experience passionately practicing law. Juan Velasco provides legal counsel to individuals, corporations, and institutions concerning substantial legal and financial matters.

Velasco represents clients in formal and legal proceedings, including negotiations to ensure amicable settlements that benefit their needs. He has over 2 decades advising clients concerning legal options available in complicated transactions. Mr. Velasco has drafted countless contracts and supporting documents for his New Jersey clients. He responds to inquiries, assisting clients in determining the most favorable position. He also provides legal guidance concerning appropriate business actions.

 

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1870 Route 27 – Suite 202
Edison, New Jersey 08817

Our offices are conveniently location on Route 27 in Edison, New Jersey, Attorney Velasco is ready to actively protect your interests. If you are in need of a passionate and effective lawyer, contact Velasco Law Office.




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