Not everyone who applies for a mortgage modification will get approved. Further, not everyone who gets approved for a mortgage modification will get their monthly payment reduced. If there is a company or a person who promises or guarantees a lower monthly payment, do not trust them.
Unfortunately, there are dishonest companies and people who promise or guarantee that they can reduce your monthly payment. There is no way to guarantee that you will receive a mortgage modification. Additionally, there is no way to guarantee that if you do in fact get approved for the mortgage modification, that your monthly payment will be lowered. Actually, it is possible that your monthly mortgage payment could increase with a mortgage modification.
Other Benefits to Mortgage Modifications
If there were no benefits to mortgage modifications, people wouldn’t apply for them. It is true that a mortgage modification may lower your mortgage payment. But, it is also true that your mortgage payment may stay the same.
However, a mortgage modification may help you in another way. If you are significantly behind on payments, you would typically need to pay a large amount of money to become current on your mortgage. With some mortgage modifications, the outstanding amount and fees are added to the end of the loan, bringing your account current. This means that you can simply resume making your monthly payments without needing to come up with all the missed payments at one time.
The Mortgage Modification Center
If you are looking for help with your mortgage modification application, look no further than the Mortgage Modification Center and Attorney John S. Simonian. Attorney Simonian has been practicing in Rhode Island and Massachusetts for over 26 years. He has helped numerous families modify their mortgage, and he may be able to help you. For your free initial consultation, please call (401) 467-7998.