Modifying The Terms Of Your Mortgage To Avoid Foreclosure
When you are facing foreclosure, it can be a frustrating and emotional experience and be difficult to know what you can do.
There are options available to help you avoid foreclosure, including negotiating and changing the terms of your mortgage with the bank. When pursuing a mortgage modification, an attorney can help you with the negotiations and ensure your rights are protected throughout the process.
Our office has one of the largest foreclosure defense practices in the State of Connecticut and we have successfully argued and been awarded landmark decisions in favor of homeowners. In addition, the attorneys at Mark Sank & Associates, LLC, are skilled negotiators. We have experience helping homeowners modify their mortgages to keep their homes. Turn to our firm for the help you need when you are facing foreclosure in Connecticut.
How Does A Loan Modification Work?
Foreclosures can be costly and time-consuming for lenders. As a result, some lenders are open to negotiating the terms of a loan with the homeowner. This can allow the homeowner to stay in his or her home and begin making regular, timely payments on the mortgage.
The process for securing a modification is similar to when you applied for and signed your original mortgage. Both you and the bank will need to reach an agreement regarding the new terms of your loan. Additionally, the lender will require financial documentation to determine what you can afford and whether you qualify for a modification.
We can help you through this process and act as your advocates in negotiations with your lender. If modification is not possible, we can also help you weigh your options to stop or slow down the foreclosure.
Contact Our Connecticut Firm
To discuss your case with a lawyer at our office, call us at 203-967-1190 or contact us by email. We offer a free 30-minute initial consultation.