Legal Options When Denied a Greenbelt Loan Modification

Legal Options When Denied a Greenbelt Loan Modification

Even though the housing market has recovered from its crash some years ago, there are still many people having a hard time to pay their mortgage. In some cases, the financial chasm between monthly income and mortgage payments is too great. In these situations, people often stop paying their mortgage, and they risk their homes being foreclosed on. With Greenbelt loan modification, there may be options for a person to stay in their home and make it more affordable.

For a homeowner that can’t afford their mortgage, there are no clear-cut qualifications that need to be met to qualify for loan modification. Each lender has different criteria, so the only thing the homeowner can do is contact their lender and find out if they qualify. The best thing to do is simply calling the lender, explained the situation, be honest and see what options are available. The bank will rather work out the situation rather than foreclose on the home and have another home on their balance sheets.

With Greenbelt loan modification, there are a few options. The first is for a temporary modification, such as reducing interest rates or skipping payments. The other option is long term, which may be to refinance the mortgage or reduce the principal. This will help reduce payments for the life of the loan.

Unfortunately, some people are denied Greenbelt loan modification unjustly. In these instances, a law firm that can be found at Law-margulies.com may be able to help. Many times banks use unfair, predatory lending practices to get people to agree to their loans. In these instances, there is a legal recourse to demand a bank offer loan modification. In addition, loan modification can help stop the foreclosure process.

If you’re not being able to afford your mortgage and the bank doesn’t seem to be working with you, you may want to contact an attorney. They may be able to spot where the bank has either unfairly begun the foreclosure process or if they unreasonably denied a request for loan modification. They can help you get things back on track so that you can not only stay in your home, but you can also afford it as well.

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