Loan modifications are not for the faint of heart.
Getting a loan modification approved requires great tenacity and a full understanding of what makes a person qualify for a modification.
Fornaro Law is excellent at determining if a client qualifies for a modification and then is even better at making certain that everything possible is done to obtain that modification.
What is a loan modification?
A loan modification is a process whereby the mortgagee (lender) agrees to permanently change one or more of the terms of a mortgage loan.
For example, a(n):
- Interest rate
- Term
- Principal
This modification results in a payment that you, the borrower, can afford. It allows you to remain in your property—but on one condition:
Timely payments must be made.
How can you get a loan modification?
You must consult with your mortgagee/lender to obtain a modification.
However, there is more to it.
The government also plays a role.
The Home Affordable Modification Program, or, HAMP is the result of a $75 billion dollar federal program established in February 2009 to help responsible homeowners avoid foreclosure by providing affordable and sustainable loans.
And there is still more to the process.
In order to approach a loan modification, you must first qualify for it.
How Fornaro Law can help
Our thorough understanding of loan modifications in our community have helped homeowners in Hinsdale, La Grange, and all over the Western Suburbs of Chicago stay in their homes with affordable payment plans.
We are fully prepared to do everything possible to obtain a loan modification for you.