The current government shutdown is affecting approximately 800,000 federal employees across the United States. Approximately 420,000 employees are working without pay. However, their mortgages and other bills still need to be paid. You may be looking for help if your mortgage is affected by the government shutdown. If you are one of the workers affected, or are experiencing a temporary decrease in income for another reason, you may be interested in learning more about a mortgage modification or similar options.
When you apply for mortgage assistance, modifications are very helpful. Mortgage modifications can be either temporary or permanent. They can offer short term relief until your temporary financial situation ends. Or, they may permanently adjust your mortgage terms, placing any missed payment(s) at the back of your loan.
Another option is a forbearance. This will reduce or suspend your mortgage payment for a short period of time, until your financial hardship has been resolved.
Whichever option your loan qualifies for, it is extremely important to reach out for help right away. The application process can be complicated and time consuming. While your loan is in default, it continues to accrue interest, late fees, and penalties.
The Mortgage Modification Center
If you are currently affected by a temporary loss or decrease in income, the Mortgage Modification Center may be able to help you. Attorney John S. Simonian and the Mortgage Modification Center have helped hundreds of families stay in their home through the use of a mortgage modification. Attorney Simonian may be able to help you. The Mortgage Modification Center can be reached at (401) 467-7998 for your free initial consultation.
Attorney John S. Simonian is a Rhode Island and Massachusetts lawyer who specializes in bankruptcy law and mortgage modifications. Click here to learn more about Attorney Simonian.