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Modified Loans

Is a Loan Modification Right for Me?

Philadelphia Loan Modification Lawyer

If you have a high mortgage debt compared to your income, or if you are underwater on your mortgage, (i.e. the value of your home is less than what you currently owe on your mortgage), a loan modification may be advantageous for your situation. In order to qualify or be eligible for a loan modification under the government's Home Affordable Modification Program, or "HAMP," the home must be owner occupied, and the mortgage must be a Freddie Mac or a Fannie Mae backed mortgage. If your mortgage is not a Freddie Mac or Fannie Mae backed mortgage, your lender may still have a modification program, depending on the lender.

If you have questions about whether or not a loan modification is right for you, contact the Law Office of Michael P. Forbes, PC for a free consultation. I would be happy to assist you with any questions you may have and assess your situation to see if you are eligible for the modification program and help you work out any issues that stand in your way of being accepted into the program. When you turn to my firm for help, you can expect personal service, compassionate representation and a total dedication to helping you solve your problems fast and correctly.

What is a Loan Modification?

A loan modification is usually worked out between a lender and a borrower by modifying the terms of the mortgage, such as lowering the interest rate, lowering the amount of the monthly payment and providing relief to the homeowner so that they can stay in their home. If you are facing foreclosure, requesting a loan modification will virtually suspend foreclosure proceedings until the loan modification is either denied or approved.

If it is denied, the foreclosure process will pick up where it left off, and if it is approved, the foreclosure will be discontinued. Lenders do have an interest in modifying your mortgage terms because they are paid by the government to work with you and lenders always desire that the homeowner continues their mortgage payments rather than lose the home to foreclosure.

Contact my office today and schedule an appointment to see if you are eligible for a loan modification in Pennsylvania.

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