When facing foreclosure, you have numerous options to keep possession of your house.
Daigle Law Office modification specialists can help you explore your options so you can save your home and start building toward a better future.
Ways to Avoid a Foreclosure
Foreclosure is a serious financial setback that can result in the loss of your family home and have long-lasting financial consequences. Fortunately, you can avoid this by working with an experienced foreclosure attorney and modification specialist.
Some of the top ways to avoid foreclosure are:
· Contacting your lender as soon as you struggle to make your mortgage payments.
· Discussing your options with your lender, like loan modifications, forbearance, or repayment plans.
· Consulting with a foreclosure prevention specialist for guidance.
· Improving your financial situation by reducing expenses, creating a budget, and looking for additional income.
· Knowing your options and legal protections under foreclosure laws.
Contacting our team as soon as possible can increase your chances of preventing foreclosure on your home.
What Is a Loan Modification?
Our experts can help with loan modification to prevent foreclosure. A loan modification is a renegotiation of the terms of your mortgage loan with your lender. With the help of your lawyer, you can work with the lender to make your monthly payments more affordable.
Some common modifications you can pursue are:
· Lowering the interest rate
· Extending the loan term to spread the payments out longer
· Reducing the total amount owed
These loan modifications are not guaranteed. It is essential to work with an attorney to help you explore your options and work with your lender to achieve the best possible outcome.
Who Can Qualify for a Loan Modification?
To qualify for a loan modification, you must show lenders that you’re suffering from a financial hardship preventing you from making your mortgage payments.
Many issues can lead to financial hardship, including:
· Job loss or reduced income
· Medical emergencies or high medical bills
· Divorce or separation
· Disability
Not everyone will qualify for a loan modification, even if they endure one of these issues. Hiring a foreclosure attorney can help you better present your case to your lender and explore all possible options.
For over a decade, our lawyers at Daigle Law Office have been dedicated to helping clients across Massachusetts save their homes and get the debt relief they deserve. Many people considering bankruptcy find that loan modification provides a quicker and easier solution.
Loan modification allows you to renegotiate your current mortgage with your lender. The mortgage companies themselves typically set up the loan modification process, but we can connect you with our specialist here at Daigle Law Office who can guide you through it.
What Happens When Loan Modification Does Not Work?
One of the most challenging aspects of loan modification is that many mortgage companies are too overwhelmed to handle all the cases that come their way. If the loan modification process is not working for you, we can immediately halt a foreclosure through Chapter 13 Bankruptcy.
The loan modification process can be the best way to save your home, but if it does not work, we are equipped to resolve the situation in other ways. We help homeowners across Massachusetts.
Let Us Provide Foreclosure Protection
Contact Daigle Law Office today for a free and confidential consultation with Attorney Peter M. Daigle, a skilled and reputable bankruptcy and foreclosure defense attorney in Massachusetts. Call our Cape Cod office at 508-771-7444 or our Norwell office at 781-561-1220.
