At Graham Legal, P.A., we have been very successful in procuring loan modifications for our clients. Achieving beneficial loan modifications means our clients are in a position in which they can afford to keep their home. The primary objective of a loan modification is to change the original terms of a mortgage to make it more favorable for the borrower. In order to modify a loan the lender must be in agreement with the new terms.
In a recent example, one of our clients had a mortgage on which they owed approximately $250,000 more than what the home was worth. In addition to the loss of property value, this client also dealt with loss of household income. This situation is one that resounds with many homeowners who have experienced a similar loss.
In this case we obtained a loan modification, for our client, where $280,000 was forgiven from the original loan. This resulted in a principal balance below $100,000. Our client, who originally came to us in fear of losing their home, can now keep their property at a payment they can afford.
This is just one example of how a loan modification can prove to be extremely beneficial. A foreclosure defense attorney can help you keep your home at payments that make sense and are consistent with the value of your home. Don’t give up! We will be happy to discuss your personal situation during our free foreclosure consultation.