Mortgage modification means that the terms of your mortgage loan are changed in order to make the mortgage more affordable to you. The Making Home Affordable Program was set up by the federal government after the foreclosure crisis began in 2008 in the United States.
If you are struggling to make payments on your home loan and you are afraid you could lose your house, you may be eligible for mortgage modification. Typically, you will need to speak with your lender to find out what programs are available to you and to begin the process of modifying your mortgage. Talking to an attorney may also be advisable, as solutions such as bankruptcy could help make modification easier or could provide an alternative way of saving your home.
Mortgage Modification Options
A number of different options for mortgage modification exist under the Making Home Affordable Program. Options include:
Other programs also exist for veterans, for people in the hardest hit areas and for individuals who are unemployed. An experienced attorney can assist you in understanding all of the different mortgage modification programs available and in working with a lender to try to save your home.
An attorney can also help you to file for bankruptcy protection, which can allow you to discharge eligible debts so your home mortgage becomes more affordable. A bankruptcy filing causes foreclosure actions to be suspended so you have time to negotiate with the lender to modify your mortgage and save your house.
The Law Offices of Robert D. Weiss, P.C. can help homeowners to file bankruptcy and explore debt relief solutions that could help them to keep their homes. Call today to schedule a consultation and learn how we can help.