Loan / Mortgage Modification
What is a loan/mortgage modification? It’s an agreement negotiated with your lender that changes the original terms and conditions of the promissory note secured by your mortgage. The possible changes include temporarily suspending mortgage payments OR lowering monthly payments by:
- Reducing the mortgage interest rate
- Increasing the loan
- Reducing the principal of the loan
These changes or modifications make the property more affordable for the homeowner.
The process time and the risk for error are reduced when a loan/mortgage modification is negotiated by a knowledgeable attorney. More importantly, the possibility of becoming a victim of unscrupulous scam artists is eliminated. Parker & DuFresne’s attorneys have experience working with lenders and homeowners to devise loan modification plans that satisfy both parties. They’ll review your mortgage and financial situation before guiding you through the loan modification process and negotiating with your lender.