A loan modification is a change to one or more of the terms of an existing loan, such as an interest rate reduction, loan term extension, a complete loan program change, or a combination of the above. Loan modifications can be very beneficial to homeowners who can no longer afford their mortgage payments due to hardship and insolvency. Consumers who try to get agreements by themselves, however, may be disappointed.
A loan modification can accomplish the following for homeowners who find themselves behind on their mortgage payments and facing the possibility of foreclosure:
Homeowners facing a mortgage default or considering short sales may be good candidates for loan modifications. A loan modification can stop foreclosure and ultimately protect the homeowner’s credit rating. Our lawyers advise clients about other options such as forbearance agreements and help them decide whether a loan modification is the right choice for their situation.
At Schwartz Flansburg we prepare the appropriate documents and negotiate loan modifications, generally through Nevada’s foreclosure mediation program. Our Las Vegas lawyers have the knowledge required to present a strong case for modifying a loan. Our experience with foreclosures, bankruptcies and short sales gives us the ability to help clients stay in their homes.