Loan Modifications in Farmington Hills
It’s no secret that the economy has been a little rough lately. More and more people are looking for help with their mortgage payments, but often don’t know where to start. At Babi Legal Group we offer loan modification legal services for Farmington Hills so you can get a lower monthly payment and save your home from foreclosure! Our team of experienced lawyers is here to help you through every step of the process—from reviewing your contract terms, negotiating with lenders, or going to court if necessary.
- We help to save your home from foreclosure
- Review your contract and explain options for a lower payment
- Negotiate with lenders without going through the courts
- Get professional help at an affordable price
What is a loan modification
A loan modification is a program offered by mortgage lenders and the government in order to help homeowners who are struggling with their monthly payments. The goal of this type of assistance, which can be either temporary or permanent, is for you to pay your bills on time every month so that you don’t fall behind.
There are many reasons why a homeowner may need a loan modification. A few of the more common reasons include:
- Death or illness of a spouse that decreases your income
- A disability that limits your ability to work
- An unexpected job loss due to factors outside of your control
- Your home has been foreclosed on
- You’ve filed bankruptcy
- Your mortgage is at risk of going into default because you’re behind on your payments.
There are many situations beyond what’s listed here, these are just examples.
How does a loan modification work
A loan modification is designed to help you make your mortgage payments lower. There are different types of modifications, but the most common way that a lender will offer one to homeowners is if you’re going through any of the reasons listed above.
The specific terms may vary from lender to lender, but they will usually involve a short-term interest rate that’s lower than the one originally agreed upon and/or longer repayment periods for any remaining balance due. The goal is to protect the lender’s investment in you, which means that they’ll be more likely to work with you if you’re struggling financially.
What does it mean for you?
If your mortgage is at risk of going into default because of missed payments and other reasons detailed above, a loan modification could help lower your monthly payment amount as well as the total amount of money you owe.
The bottom line is that this type of consultation can be a lifeline for homeowners who are struggling with mortgage payments and should not be overlooked, especially if there’s no other way to make ends meet financially.
What happens after a loan modification is approved
After the lender approves your request for a loan modification, there will be some paperwork that needs to be completed. This includes submitting an application form and other documents related to the proposed plan, as well as information about how many payments you’ve already made on time since the missed payment or defaulted mortgage occurred. The lender may also ask for current income and banking information, as well as a list of assets that may be used to help with the mortgage.
A loan modification can seem daunting at first glance but if you’re struggling to make your payments or need relief from penalties because you missed one in the past, it’s worth exploring all options for paying off your home sooner.
What happens if my loan modification request gets denied?
If your request is denied, it’s important to know that you are not alone. Many homeowners have been turned down for a loan modification because they did not qualify or the documentation was incomplete. This is where hiring a lawyer is crucial before any of this happens.
If this happens to you, don’t give up! There may still be ways to get back on track and keep paying off your mortgage even if there are penalties to pay.
Start by contacting us so we can take a look at your care. Loan Modifications cases in Farmington Hills can be difficult to navigate, but we have plenty of experience doing it for our clients.
How long does a loan modification take?
It may take anywhere from 45-90 days for us to get your loan modification agreement signed.
What documents do you need?
At least, and as a general rule, we will need the following information and documentation:
- Copy of the mortgage note
- Statement of account (monthly statements)
- Federal income tax return for previous year filed with IRS
- Bank statements or other records that show mortgage payments
- Copy of the notice from your lender about the foreclosure process
If you’re struggling to keep up with your mortgage payments and are worried about foreclosure, don’t despair. At Babi Legal Group we offer loan modification legal services for Farmington Hills so you can get a lower monthly payment and save your home from foreclosure! Our team of experienced lawyers is here to help you through every step of the process—from reviewing your contract terms, negotiating with lenders, or going to court if necessary. We work on a contingency fee basis which means that there’s no out-of-pocket costs for our services until we win in court (and even then it usually only takes six months). To learn more about how we can help stop foreclosure today call 248-434-4110