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Mortgage Foreclosure: What Are My Rights?

The current housing crisis has resulted in thousands of families losing their homes due to foreclosure with thousands more scared that their home might be next.

If you are worried about your monthly mortgage payments and think foreclosure may be imminent, a good first step is seeking a loan modification which can significantly reduce your monthly payments and allow you to keep your home.

A loan modification occurs when the lender and the borrower agree to new loan terms during a time when the borrower is struggling to make their payments. This can include:

  • Lowering the interest rate for the loan
  • Moving from an adjustable interest rate to a fixed one on a temporary or permanent basis
  • Sometimes lowering the principal balance of the loan itself

Each bank or lender will have their own protocol for modifying loans so it is important to contact your lender(s) to ask about forms, processes, and what you need to provide them with in order to secure a loan modification.

Are There Specific Eligibility Requirements?

All lenders require documents that prove you are going through an economic hardship (medical bills, bank statements, etc.) along with a review of your financial situation, W-2 forms, pay stubs and other assorted supplemental documentation.

Lenders also have minimum requirements for potential loan modification candidates. While each lender has their own specific eligibility requirements, some examples include:

  • The home must be a principal place of residence
  • The home’s owners can’t own any other properties
  • The loan has been originated for more than 12 months
  • The property must be in good physical condition

In most cases the bank would greatly prefer to adjust your interest rate to a monthly payment you can afford rather than deal with the huge expense and lost revenue from short sales or foreclosures, but they are also looking after their own bottom line.

You have the right to let a real estate attorney guide you through this detailed process to avoid any loopholes or delays as well as review your new mortgage contract during these negotiations to get you the best possible rates.  

Our team of experienced foreclosure attorneys will work with you and your bank to negotiate a modified loan you can afford. It is possible to avoid foreclosure and keep your home without destroying your credit. Contact us today and find out how.
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