What are the Benefits to a Mortgage Modification?

Not everyone qualifies for a mortgage or loan modification. However, if you are behind on your mortgage payments, and you do qualify, there are many benefits to a mortgage modification.

Your monthly payment may be lowered if you qualify for a mortgage modification. Obviously, this is a great tool to help you be able to afford your mortgage payment. However, even if a mortgage modification can’t lower your mortgage payment, there are other benefits to getting a mortgage modification.

A mortgage modification may help you avoid foreclosure. This means that your credit history will not have to have a foreclosure on it. A foreclosure would probably look worse on your credit report than a mortgage modification would. Additionally, if a loan modification helps you avoid foreclosure, you won’t have to move.

Another benefit of a mortgage modification is that a mortgage modification could make you current. All of your late payments, penalties, and fees may be added on to the principal of the loan. Your account will be considered current. You can be given a fresh start on your mortgage.

The Mortgage Modification Center

Interested in seeing if a mortgage modification could help you? If so, reach out to the Mortgage Modification Center at (401) 467-7998. The Mortgage Modification Center, run by Attorney John S. Simonian, offers a free initial consultation. Attorney Simonian has helped numerous clients in his 26 years of practice, and may be able to help you.