Helping Homeowners in Utah Obtain Mortgage Modifications
When you are approved for a mortgage, your ability to make the mortgage payments is based on your income and expenses at the time of the decision. We all know that circumstances can change over time, and you or your spouse may lose a job or have a medical issue that results in financial difficulties. In addition, if you received your mortgage prior to the housing crisis, it was likely higher-risk or subprime, which commonly resulted in serious difficulties for the homeowners down the road.
If you are behind on your mortgage and your lender is threatening to foreclose on your house, you should not hesitate to discuss your legal options with an experienced Salt Lake City loan modification lawyer. At JLT Law, we can help you obtain more affordable mortgage payments or seek other solutions to help you keep your home.
The Application Process Can Be Complex
If a homeowner cannot afford their mortgage payment due to changed circumstances, it is often possible to request a modification of one or more aspects of your mortgage loan from your lender. A lender may change any one or more of the following:
- Lower the interest rate
- Increase the loan term
- Change to a fixed rate from a variable rate
In order to qualify for a loan modification, you generally must provide documentation to prove that you are experiencing financial hardship that is likely to last an extended period of time, as well as that a loan modification would allow you to keep up with your payments. Lenders can make the application process difficult, however, requiring multiple copies of many different documents and causing unexplained delays. Having the assistance of an attorney can help improve the process and increase your chances of success.
Other Solutions to Keep Your Home
Even if you are not approved for a long-term modification, an attorney can look into other options for you to catch up on your mortgage payments. For example, you may qualify for a short-term forbearance or your lender may agree to a repayment plan for your arrears. In addition, filing for bankruptcy can help some homeowners obtain financial relief.
Call Our Salt Lake City Loan Modification Lawyer
If you would like more information about loan modifications or other solutions to help you avoid foreclosure, our loan modification attorney in Salt Lake City can help you. Please call JLT Law at 801-596-9400 for a free consultation today.