Homeowners having difficulty paying their mortgages and undergoing a hardship such as loss of a job or death of a spouse may be eligible for a loan modification from their lender.
Generally, this means the terms of their current loan(s) are modified to make their monthly mortgage payments more affordable. The eligibility requirements for loan modification vary based on factors such as the owner/guarantor of your loan and whether you can document a hardship. The underlying investors to the loan also have their own economic criteria which must be met.
While major lending institutions continue to make efforts to improve their loan modification approval processes, many distressed homeowners still have difficulty understanding the bank's stringent requirements and providing the necessary documents in the proper form on a timely basis.
If you are seeking a loan modification from your lender, the Law Office of Janet C. Navarro can help guide you through the process.
For more information or to arrange your initial consultation, please call
973-784-4298 now or contact us here.