Dallas Mortgage Loan Modifications Lawyer

Mortgage Loan Modifications Lawyer Dallas, TX

If you own a home and could be facing foreclosure, then now is the time to contact a  Dallas, TX mortgage loan modifications lawyer for assistance. Working with an experienced lawyer and filing for modification can make all the difference in finding an alternative. When your home loan has resulted in a foreclosure being initiated, you must take action without delay. This is a time sensitive process that can result in your home being lost if you do not stay on top of the situation. You may be in need of modifying the terms of your loan, which a team member at Leinart Law Firm can help you with. If you are worried about foreclosure, now is the time to contact us.

Modifying Your Mortgage

The main intention of a mortgage loan modification is to prevent you from facing foreclosure on your home. There are many methods that may be used to modify your mortgage, such as reducing the principal portion of your loan, extending the repayment period, converting to a fixed interest rate, or lowering your interest rate. The more time you have to repay your mortgage loan, the smaller your monthly payments will be. But you must know that pushing your repayment period out far into the future can increase how much interest you pay overtime. In some situations, your lender may allow you to reduce your principal portion of the mortgage loan, giving you more equity for your home. If your lender agrees to lower your interest rate, your monthly payments will be more affordable. As a Dallas mortgage loan modifications lawyer explains, if you have an adjustable-rate mortgage, the lender may convert it to a fixed-interest rate to help you consistently fulfill payments.

Qualifying For Loan Modification

There is so much information on the web about loan modification, but in order to know whether you qualify, you have to speak with a lawyer who understands this area of law. We can review your situation and assess if you qualify for loan modification or if there is another approach that can benefit you. In general, you have to be at least one payment behind schedule and have evidence of significant financial hardship in order to qualify for loan modification. Examples of hardships could be long-term illness, death of a loved one, or divorce. Lenders often report a loan modification to credit bureaus, so your credit score may decrease. But, it’s important to see that the impact to your credit report will be less compared to a foreclosure. Despite having a temporary hit to your credit score, there is always the opportunity to increase it over the course of time.

Get Help Now

You must contact a Dallas mortgage loan modifications lawyer if you are experiencing serious financial hardship and are facing foreclosure. Sometimes what people need is a dedicated legal team to offer advice and use certain strategies for their benefit. If you have questions or concerns about mortgage loan modification or preventing a foreclosure, contact us at Leinart Law Firm today.