About Our Loan Modification Services
Home loan modifications in Maryland are a comprehensive financial relief option and a powerful tool that can provide long-term financial assistance. Unlike refinancing or taking out an additional loan, loan modification allows you to alter the terms of a home loan. Modifying a home loan can be used to avoid home foreclosure without having to file for bankruptcy.
This can be achieved by:
- Lowering your interest rate,
- Changing your loan term,
- Changing your loan structure,
- Re-casting or re-amortizing your loan, or
- Reducing your principal balance.
Reducing your principal balance is a unique benefit that is exclusive to loan modification.
There are Many Programs for Modifying a Loan
With all the programs out there for modifying your home loan, it can be difficult to figure out which one is for you. Some of the common ones include: FHA modifications, FHFA modifications, USDA modifications, VA modifications, and more. Each program has its own requirements and its own strategy.
The Process is Complicated
The process required for modifying a home loan is complicated.
- Consistent communication with your servicer/lender.
- Requesting all application materials.
- Keeping track of all the assorted due dates and deadlines when different materials are due.
- Completing the application in full, without any mistakes.
- Gathering all of the various materials and supporting documents, such as bank statements, tax returns, pay statements, income and expense worksheets, and more.
- Writing and submitting a well-written hardship letter.
- Successfully completing a loan modification trial period.
- Making sure you get the best deal possible - and signing it.
Sound complicated? That's because it is! That's why hiring an experienced attorney is crucial to receiving the best deal you can get.
Getting the Best Deal Can be Tricky
Modifying your home loan can lower your monthly mortgage payments. But getting the best deal possible can be very challenging. Some people have reported getting a modification that lowered their monthly mortgage payments by only a few dollars-which helps practically no one! But it can be very tempting to jump at any financial relief option.
That's why it is important to trust a seasoned professional.
Steiner Law Group is an Experienced Loan Modification Firm
The process of modifying a loan is complex and can be very stressful. For over a decade, Steiner Law Group has been helping hundreds of Maryland residents get their finances in order and save their homes!
We will work with you to:
- Review the best options for modifying your home loan.
- Help you gather all the right paperwork and materials for submission.
- Prepare the modification package to send to your lender, including the application, hardship letter, and supporting documentation.
- Track where you are in the process and advise you on the status.
- Handle all the various issues that may come up.
- Get you the best deal possible to avoid both foreclosure and bankruptcy.
It is the job of an experienced loan modification attorney to help you iron out the details and lay out the best possible plan for you. Your home is at stake-don't just sit back and do nothing!
Learn More About Loan Modification
To learn more about loan modification, read our article, "Loan Modification in Maryland: Prevent Bankruptcy."
Modifying your home loan may be your only hope to save your home without having to file for bankruptcy.
Don't take chances with your second chance!
To discuss your options for modifying your home loan, how to apply for a modification, and which program suits your needs, contact the Steiner Law Group today. Together, we can save your home!
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