Mortgage interest rates continue to stay low, causing mortgage companies to expect a rise in new mortgage applications. However, that isn’t happening, at least right now. It seems that for whatever reason, many people want to stay in their current homes instead of searching for another one.
If you don’t want to leave your home, but are struggling to make your mortgage payment, you may be interested in trying to refinance your mortgage. However, it doesn’t always make sense to try to refinance your mortgage. For example, the current interest rate may not be lower than the interest rate that you already have. This means that if you refinance your mortgage, your payment may not even be affected positively. Also, many people may simply not have the credit score required to refinance a mortgage.
If you are facing a financial hardship and struggling to make your mortgage payment, a mortgage modification may be a great fit for you. Mortgage modifications are different from refinancing your current mortgage because refinancing ends your current mortgage and starts another one.
Mortgage modifications, on the other hand, do not end your current mortgage. Modifications simply take your current mortgage and change something about it, so that it is more favorable to the homeowner. One example is if you are behind on your mortgage, a mortgage modification can add the amount that you owe to the total amount of the mortgage, so it can be paid off over time. This would also make your mortgage current, allowing you to start over without having to get a new mortgage.
Many people do not know about mortgage modifications, or if they do, they don’t know just how a mortgage modification could benefit their particular situation. If you have any questions about a mortgage modification, or if one is right for you, we are here to help.
The Mortgage Modification Center
The Mortgage Modification Center, led by Attorney John S. Simonian, has handled numerous mortgage modifications for families throughout Rhode Island and Massachusetts. The Mortgage Modification Center can take care of the whole mortgage modification process for you, from start to finish. Further, if you are not sure if a mortgage modification is right for you, Attorney Simonian offers an initial no-cost consultation to help you make the best decision for you.
To speak with the Mortgage Modification Center for you initial no-cost consultation, please call (401) 467-7998.
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.