4 Common Loan Modification Questions

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4 Common Loan Modification Questions

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A popular option for many homeowners struggling to make ends meet each month is a Roswell loan modification. Loan modifications can help you avoid foreclosure by renegotiating the terms of your home loan and restructuring your debts. While this is a good option for many people, it is important to see if this is a viable option for you. Below are some of the most frequently asked questions about loan modifications.

Q: To qualify for a loan modification, do I have to be behind on payments?

A: Typically loan mods are for people who are significantly behind on their payments and have extenuating circumstances which prevent them from getting caught up. With that said though, it is not a requirement to be behind on payments to qualify for a loan mod.

Q: What is considered a “hardship situation?”

A: Many people apply for a loan mod due to a hardship situation which has put financial strain on them. This includes the death of a spouse, divorce, illness, or injury. Each situation is subject to review.

Q: When should I apply for a loan modification?

A: When you are experiencing financial troubles, it is best to look into a loan mod right away. Once the foreclosure process starts, a loan modification is no longer an option.

Q: Should I hire an attorney to help with my loan modification?

A: While it is not mandatory, partnering with an attorney during the loan modification process can be extremely helpful. An attorney has experience dealing with lenders and can guide you in the right direction as you try to restructure your debts and regain your financial footing.

If you are struggling with your mortgage payments, contact Galler Law in Roswell. We offer free consultations to determine if a loan modification is right for your situation.

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