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How a mortgage modification could help you avoid foreclosure

As children, we often dream about the house we want to live in and we work hard to afford that home as adults. The thought of losing it all through home foreclosure can cause a tremendous amount of stress and worry.

Losing your home is never something you plan on intentionally having happen in your life. Thankfully, there are ways to approach potential foreclosure and fight to keep your home and regain stable payments to your lender again.

Mortgage modification is a safe first step

Mortgage modification is one way that homeowners are seeking to adjust the demands of payments to make them more manageable in the long-term. This is often the first step when seeking solutions to avoid foreclosure. It starts with approaching a lender about your situation and requesting flexibility in the stipulations of your mortgage terms. A financial advisor and lawyer can help assist you in drafting a revised mortgage agreement. A lender is more likely to agree to the changes when they are well thought out and all legal aspects are covered.

If approved, a mortgage modification may also help reduce the following:

  • Interest rate on home loan
  • Principal amount owed
  • Late fees or other penalties
  • Monthly amount owed
  • Payments or extend a due date

Fight foreclosure fears with legal options

This is a serious issue, but you don’t have to feel paralyzed with fear of losing your home and starting over. You can fight potential foreclosure with legal counsel and defense. You have options and alternatives that may mitigate a situation. Talking to a lawyer about your loan terms may result in details that have been overlooked. Supportive and wise counsel is available to work with you towards achieving your goal.

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