When faced with foreclosure, homeowners may ask lenders to modify their mortgage terms in order to make the terms of an existing loan more favorable to repaying the loan in a timely manner. Mortgage modifications include changes that reduce interest rates, re-amortizing of mortgage loans to decrease the amount of periodic payments or conversion of a loan from interest only or adjustable to fixed rate entities. Moreover, mortgage modifications can also affect how you file your taxes in regards to exemptions, forms and reportable income.
Benefits of modifying an existing home mortgage involve averting foreclosure, maintaining your credit score, lowering your principle balance (if part of the negotiations and agreed to by the lender), extension of the loan term and waiver of any late charges incurred by past due payments.
Mansfield Bronstein, PA offers the services of seasoned real estate attorneys who draw on years of knowledge to get you the best loan modification possible. We understand that homeowners facing foreclosure are in a vulnerable state of mind, worried about the future of their home, their finances and their family. At Mansfield Bronstein, PA, our attorneys are motivated and determined to get you on the road to financial stability and security by negotiating with your lender. On your behalf, we can submit proper documentation in a timely manner, use exclusive legal strategies to maneuver mortgage company attorneys into agreements that benefit you and give you the personal attention you deserve during the process of eliminating pre-foreclosure proceedings.