Due to current market conditions, mortgage companies have started offering loans that are considered “risky” because they are different from conventional or traditional loans. They do not follow the regulations of the Consumer Financial Protection Bureau. This may lead to home owners getting approved for a bigger mortgage then they can comfortably afford. Although the practice is not as common as it was before 2008 when the housing market fell, it is still occurring today. Homeowners may want to learn more about mortgage help in Rhode Island.
However, homeowners who cannot make their mortgage payment but do not wish to sell their homes may have options. A mortgage modification modifies the current loan agreement by changing one or more of the terms. This results in the mortgage being made more affordable, so the homeowners do not have to sell their home, or get their home foreclosed on. Further, the mortgage modification may be temporary or permanent, depending on the type of financial hardship that the homeowner is facing.
The Mortgage Modification Center
If you are having difficulty making your mortgage payment, and think that a mortgage modification may help you stay in your home, please reach out to the Mortgage Modification Center at (401) 467-7998. The Mortgage Modification Center is led by Attorney John S. Simonian, who has been practicing law for over 26 years and has helped numerous families through their mortgage modification applications. Attorney Simonian offers a free initial consultation to discuss your particular concerns.