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Law Office of Michael P. Forbes, PC Law Office of Michael P. Forbes, PC
Loan Modifications

Philadelphia Loan Modification Lawyer

What Is a Loan Modification?

A loan modification is the process where the lender agrees to change the terms of the mortgage contract in order to make it more affordable for the borrower. When a borrower is experiencing great financial hardship and having difficulty making their mortgage payments, or facing the possibility of foreclosure, it's important for them to consider the option of a loan modification.

Wondering if you would benefit from a loan modification? Contact our loan modification lawyer by calling (610) 991-3321 to get started today. 

How a Loan Modification Can Change Your Mortgage Terms:

  • Payment
  • Interest rate
  • Term
  • Outstanding principal

In light of the real estate market in recent years and the economic climate, it would be reasonable to assume that the lender would be motivated to offer more favorable terms to the borrower since the borrower may be able to afford a lower payment.

Additionally, having the borrower perform on the loan would be more valuable for the lender as opposed to incurring all the costs and losses that are involved in foreclosing on a home. For this reason, you may want to explore this option.

Benefits of Loan Modifications for Borrowers:

  • It can reduce the interest rate, change a floating rate to a fixed rate
  • It can change the way a floating rate is computed
  • A loan modification can reduce the principle
  • It can reduce the late fees and other penalties
  • It can extend the term of the loan
  • It can cap the monthly payment to a percentage of the household income
  • It can allow for a mortgage forbearance program

Explore Your Loan Modification Options in Pennsylvania

In the past, loan modifications were an option for homeowners who were in default on their loan and only available once their lender filed a motion to start the foreclosure process; however, that is not the case any longer.

These days, a borrower can commence a loan modification whether they are:

  • Current
  • Late
  • In default of their mortgage payments
  • Or if they are in foreclosure or in bankruptcy

However, the programs available will vary accordingly. If you are considering a loan modification, I urge you to contact a Philadelphia foreclosure defense lawyer, The Law Office of Michael P. Forbes, PC to find out if a loan modification is the best option for you. When you cannot keep up with your mortgage payments, it's vitally important to explore all of your available options, and I would be more than happy to do that for you!

Get started with our experienced PA loan modification attorney today by calling (610) 991-3321 or submitting an online contact form!

Understanding Foreclosure Defense in Philadelphia and Surrounding Areas

In Philadelphia, the challenges of homeownership can be daunting, especially with the rising cost of living and economic fluctuations affecting many families. If you find yourself struggling to keep up with mortgage payments, you are not alone. Local resources, such as the Philadelphia Department of Licenses and Inspections and the Philadelphia Home Ownership and Stabilization Program, are available to assist homeowners facing financial difficulties. These entities provide valuable information and support to help you navigate the complexities of foreclosure defense.

Many residents in neighborhoods like Fishtown, West Philadelphia, and Germantown are experiencing similar pain points, such as job loss, medical expenses, or unexpected repairs that can lead to missed mortgage payments. Understanding your options for foreclosure defense is crucial. Whether you are currently in default, facing foreclosure, or simply want to prevent future issues, exploring a loan modification can be a proactive step. This process can help adjust your mortgage terms to better fit your financial situation, potentially lowering your monthly payments and making homeownership more manageable.

Additionally, the local housing market can be unpredictable, and the prospect of losing your home can be overwhelming. By reaching out to a knowledgeable attorney familiar with Philadelphia's real estate landscape, you can gain insights into your rights and options. The Law Office of Michael P. Forbes, PC is here to help you understand the foreclosure process and explore loan modification opportunities tailored to your unique circumstances. Don't hesitate to take action—your home and peace of mind are worth it.

Our Valued Clients Share Their Stories

    Focused on the best outcomes for my family and our business!
    “I want to thank Michael for his advice on several business and personal matters. I appreciate his intimate knowledge with the law and real-life workings of the legal system, his patience explaining best options, and his desire to achieve practical goals.”
    - TH
    I trust Michael and as a result I highly recommend him.
    “He delivers results, and he also clearly cares about the people he represents.”
    - Heather C.
    If you need a great legal point man, Michael Forbes is the best!
    “He Got Me Out of a Financial Mess”
    - Jerry Timlin

Why We're the Right Choice

  • Committed
    My firm is proud to deliver high-quality legal representation and compassionate counsel during this difficult time.
  • Proactive

    My goal is to reach as many people as possible to let them know that they do have the option to keep their home and protect their credit.

  • Knowledgeable

    Over 35 years of experience and the qualifications to fight for you and your rights.

  • Power

    We’ll Fight for You! Don’t Let the Bank Take Your Home.