A home loan modification is an excellent option available to people who are struggling to make their mortgage payments. If you’ve already defaulted on a mortgage or think you will soon, a loan modification can adjust the terms of your loan, saving you from residential foreclosure and making it easier to pay off your mortgage. However, loan modifications must be negotiated with your lender before any agreement can be reached. For this reason, it is important to work with a foreclosure attorney that can help you understand the terms of a modification and advise you on how to proceed.

At KEL, we have extensive experience obtaining modifications directly from lenders also working with Federal loan modification programs like the Obama Administration’s Making Homes Affordable program (HAMP).  We know that successful loan modifications can present homeowners with significant long-term savings on their mortgages and, more importantly, offer them a chance to retain their home in spite of financial difficulty.  However, we have learned through experience that getting flexible terms when modifying home loans is not easy.

If you are considering loan modification, know that by working with our team, you will have professionals on your side who have experience working on many loan modification cases.  Additionally, you will receive much needed guidance as you turn in your application and go through the loan modification process.  We will help you with your paperwork and do everything we can to negotiate favorable terms with your bank or lender. When you work with KEL, every effort will be made to help you save money on your monthly mortgage payments.

Loan Modification Laws
A wide variety of laws and regulations apply to the terms of loan modifications and are regulated by the Department of Housing and Urban Development (HUD). These rules determine what fees can and can’t be included, what interest rate your loan should be set to, what types of information can be used to set the terms of the modification, and more.

At KEL, we want to provide you with up-to-date information so you understand your legal options.  Once you are aware of your rights and options, we will help you pursue a course of action that is reflective of your individual needs.  Whether you want to partake in government loan modification programs or want to consider bankruptcy, we may be able to help you stop foreclosure.

Preventing Foreclosure
Contrary to popular belief, your lender wants to avoid foreclosure because these proceedings are expensive. However, lenders also want to get what they are owed from you and may have little regard for your financial status.

When you apply for a loan modification through loan modification programs like the Obama Administration’s Home Affordable Modification Program, you take an excellent step toward securing a loan modification. However, not everyone qualifies for these programs and if this is the case, we can work to see if you qualify for an “in-house” modification. To understand the options that may be available to you, we encourage you to consult with our team.  If you’re ready to start exploring a loan modification, call us today at 888-238-2686 or contact KEL Attorneys online to set up your free, no obligation consultation now.