It is important for anyone who gets behind on home mortgage payments to realize they are not alone and there are resources and options to consider in the Wheaton area. The earlier the individual or the couple realizes they have a problem and cannot make their mortgage payments, the easier it can be to obtain a home modification and perhaps prevent the need for bankruptcy and foreclosure.
A home loan modification attorney can work with your lender to attempt to avoid the need to go through a foreclosure. Most homeowners don’t realize that foreclosures are costly for lenders as well, plus there is still the need to maintain a vacant home, sell the property and find buyers that can be approved.
In the early stage of default, or even later in the process, a home loan modification attorney can work to negotiate a restructuring of the mortgage. This is a permanent change that can allow the homeowner to pay a lower mortgage rate over a longer period or other options.
Depending on several factors, including the number of properties in Wheaton and surrounding areas the lender is already holding in foreclosure, it may be possible for the home loan modification attorney to negotiate a range of settlement options besides just a longer mortgage period.
For some clients, the attorney may be able to get the mortgage company to waive some of the loan or even all of the penalties and fees. It may also be possible to have the lender renegotiate the interest rate, which will help with catching up and paying off the mortgage.
Talking to the attorney is critical as soon as there is a problem. Once a home goes into foreclosure it can be more challenging to negotiate, so early legal support is crucial to maximizing options.
The attorneys at Covert & Covert, LLP. are here to help with any home loan modification needs. To learn more about how a home loan modification attorney can help, see us at www.covertlegal.com.