Mortgage Loan Modifications Lawyer Fort Worth, TX
When you are struggling to make loan payments or are no longer able to make your mortgage loan payments, it is time to seek help from a Fort Worth, TX mortgage loan modifications lawyer. We know that this is a hardship for you. You may have owned your home for years, have a family, and know this as your safe place. However, if you are no longer able to make your mortgage payments, you might be worried that the bank will foreclose on your home. This is not something that you should be concerned about trying to fix on your own. If all of this sounds familiar to you, it is time to speak with the team at Leinart Law Firm.
What is a loan modification?
When you are having a difficult time making your loan payments, your lawyer may recommend a loan modification. This is a relief option for those who can no longer make their mortgage payments. If you can successfully get a mortgage loan modification, that can mean you avoid your house being foreclosed on and it means you can change either the interest rate on your loan or how the loan is structured. This is not a quick and easy way to simply reduce the amount you are paying for your overall mortgage.
Why would a lender want me to do this?
If you can get a modification, you might think: is this going too well? Why would a lender go through the effort of allowing me to have this kind of benefit? The truth is, a Fort Worth mortgage loan modifications lawyer knows that the lender would end up paying a great deal in the long run due to a default or foreclosure. While it may seem like it is only benefiting you, the simple truth is that the lender wants their money and this is a way for them to get it.
How will a modification change my loan?
There are many routes your lawyer may look at when trying to modify the terms of your loan. Your lawyer will help you understand whether the modification in front of you is temporary or permanent and they will help you achieve a more reasonable monthly payment.
How do I know I qualify for a loan modification?
Can you qualify for a loan modification just because you are having a hard time paying it? The first step is for your lawyer to prove you are dealing with financial hardship. This means you may have lost your job, but that is not necessarily enough to qualify. Lenders typically look at what your debt-to-income ratio is, and they will be looking to see that the debt you owe exceeds your gross income by around 40%.
The second step is to show that not only are you currently dealing with financial hardship but you will be able to abide by the terms as set out in the loan modification and make the payments in the future.
When you are ready to get help for your loan modification, reach out to the Fort Worth mortgage loan modifications lawyer from Leinart Law Firm now.