When people in Maryland run into difficulties with their loans, they often turn to loan modification as a potential solution. Understanding what goes on through the loan modification process, what you have to do to successfully renegotiate the terms of your loan, and how a modified loan might affect you, your family, and your credit is often overwhelming for many people. Having an attorney assist you obtain a loan modification in Maryland can be one of the best financial choices you decide to make.
Most people who consider loan modifications are under some kind of financial pressure, and are often worried about their mortgages, home equity loans, or other debts. When banks and other institutional lenders give people money to purchase property, they aren’t doing so with the intent to become property owners themselves. The banks want to make money from the borrower through the interest payments the borrower agrees to make over time.
When you face foreclosure, or the possibility of defaulting on any of your loans, banks are not eager to repossess your property because that’s not how they make money. In fact, they generally want you to be able to make as many regular payments as possible, and are often willing to work with you to ensure this happens. This is why loan modifications are often a good choice for both lenders and borrowers.
There any number of reasons why you might want to negotiate new terms for your loan. Depending on your situation, it is possible that a successful loan modification could result in lower monthly payments, lower interest rates, and even a reduction in the total amount you owe the lender.
Trying to obtain new and favorable terms that will allow you to relieve the financial pressures you face requires balancing a number of different factors. Not only will you have to calculate how much you can afford to pay, but you will also have to make a determination about other factors, such as what your lender is willing to accept, the monthly mortgage payment you may qualify for, and whether the money you have left over every month after your bills are paid will support a modification.
In situations where loan modification might be an option, there is almost always a ticking clock working against you. Whether you have fallen behind on a couple of payments, know that you won’t be making this month’s payment on time, or even if you think that a loan modification is something that’s too late for you to try to do, you need to contact us as soon as possible.
The loan modifications attorneys and staff at The Coyle Law Group have years of experience assisting people with loan modifications, but won’t be able to help you determine if a loan modification is a good option for you until we talk to you and get a better understanding of your particular situation. If you believe loan modification is something you want to pursue, need legal advice, or just have questions, give us a call at 410-884-3180 so we can help.