Before a family purchases a home, they undergo an extensive evaluation of their finances to ensure they can afford the monthly payments. Ideally, a family’s housing costs will not exceed one-third of their gross income. Staying within that percentage ensures the family can afford their home as well as pay their other ongoing expenses and contribute to their long-term savings. Unfortunately, people sometimes fall on hard times and need some help paying their mortgage. If these hard times last too long, a family could lose their home.
Foreclosure could be devastating for a family. Lenders realize this and have programs in place to help their customers remain in their homes. Sadly, it isn’t always easy to access these programs. That’s where a loan modification lawyer in Bowie, MD can help. When a family is behind on their mortgage or barely able to pay it every month, they may qualify to have the terms of their loan modified. This could result reworking the loan to extend the term or reducing the interest rate so the mortgage payment is more affordable.
Homeowners can ask for this on their own but if lender denies the application and the family is running out of time to appeal, hiring a loan modification lawyer in Bowie, MD might be the right choice. An attorney that understands how the process works and has connections within the industry to ensure the application gets in the right hands could be a valuable asset to a struggling homeowner. Options for homeowners are much more limited after the mortgage company files for foreclosure so it’s important to act quickly.
Enlisting the help of a loan modification lawyer in Bowie, MD as soon as the family becomes aware of a change in their financial circumstances may give a family a better chance of approval. If the homeowner has a good payment history, the mortgage company might be more likely to accommodate the request. It’s important to fill out the forms completely and accurately. An attorney may review the documents to ensure they are complete and the lender has all the information it needs to make a decision in the homeowner’s favor. Homeowners can visit Law-margulies.com to get more information about modifying their mortgage loan.