Michigan Loan Modification Lawyer
What is a Loan Modification?
A Loan Modification is a permanent change in one or more of the terms of your loan, gives you a fresh start, and results in a payment that you can afford. The sole purpose of a loan modification is to enable the borrower to meet the terms of the new loan for the foreseeable future. We will analyze your current situation and provide a workable plan that is acceptable to both you and your lender.
In simplest terms, a loan modification restructures the terms of a loan without actually refinancing the property it secures. A loan modification can be defined as an agreement between the lender and the borrower which stipulates a long term relief from unaffordable loan terms. Modification of a loan applies to the terms governing the interest rate, the amount of the monthly payment, and in some cases also the loan amount. We have worked on behalf of borrowers with their lenders to achieve the relief of a home loan modification with the result of drastically reduced mortgage payments.