Sometimes people get behind on their mortgage, or have difficulty paying it. Depending on which state you live in, and your mortgage company, if you miss enough mortgage payments, you could be at risk of losing your home to foreclosure.
However, you should know that you may have options. If you want to keep your home, and are trying to pay your mortgage, but are experiencing a financial hardship, you may be eligible for a mortgage modification. Mortgage modifications are not a new mortgage. They take your original mortgage agreement with your bank, and change a term of the agreement. This makes the mortgage more affordable.
A mortgage modification is achieved in a few different ways. The interest rate can be reduced. The loan’s life can be extended. The principal amount owed can be reduced. Further, the change(s) may be permanent or temporary. No matter how it is achieved, it results in you paying less money every month. This means that you can afford your mortgage payment, and stay in your home.
The Mortgage Modification Center
If you believe that a mortgage modification may be right for you, please contact the Mortgage Modification Center to learn more. Attorney John S. Simonian offers a free initial consultation to determine the appropriate course of action for you and your family. Attorney Simonian may be reached at (401) 467-7998.