A loan modification is a change made to the amount that one may have to pay monthly. It is also known as a mortgage modification, a workout plan, and “restructuring.” One may get a loan modification if the borrower is facing financial hardships or has an issue keeping up with monthly payments. A loan modification sets up payments so that the borrower can comfortably pay back what he/ she owes. The lender may let this happen in a variety of ways. Lenders can allow homeowners to pay at a lower interest rate, skip payments, and possibly even extend the term of a plan so that the monthly payments are less.
If you are having trouble keeping up with monthly payments, and want to avoid foreclosure, come in for a consultation. New York Top Attorney Elaine Fridlin may be able to help. Call (718) 372-4400 for more information or to schedule your appointment today.