Buying a home is a very exciting and overwhelming experience for residents in Pennsylvania and elsewhere. While individuals or families are thrilled to finally be homeowners, it is a major life event that is a huge financial investment. While most homebuyers take the time to assess their situation and purchase a home that is affordable for them, financial problems could arise, especially with growing families or a job loss. Therefore, it is important to understand what steps could be taken with your current mortgage to ensure that you can keep your home.
Requesting a mortgage loan modification could be the difference between home ownership and foreclosure. This is when a lender agrees to modify the loan in an effort to allow you to keep possession of your home. At Thompson Law Group, P.C., our attorneys understand that a long-term income reduction can greatly impact a person or family's ability to timely make mortgage payments. Therefore, we are dedicated to helping individuals in the Warrendale area navigate matters involving mortgage modification.
Whether you seek to adjust a mortgage balance, making the balance match the value of your home or reducing the principle balance of a mortgage, either step can help you in the short-term and the long-term. Our skilled attorneys are well versed in the laws and regulations that could benefit our clients. However, we take the time to ensure that our clients are well aware of the situation and what it means to receive a mortgage modification.
We understand that your goal is to keep your home and pay off your mortgage; thus, we will help you prepare documentation and spreadsheets that will help your lender understand your financial predicaments and approve your request for modification.
To lean more, check out our law firm's mortgage loan modification website. While no one expects to need a loan modification after obtaining a mortgage, there are certain unexpected situations where it is extremely helpful to have this option. Thus, it is important to understand if this is a viable solution for you.