Explanation

A mortgage loan modification is a change in loan terms. It is a type of loss mitigation and can reduce the monthly payments in most states. It can take the form of one or more of the following: 1-Reduction in interest rate; 2-Reduction in the term or principal balance; 3-Waiver of late charges; 4-Short sale; 5-Reinstate a loan by recasting it; 6-Informal or formal forbearance agreement; 7-Mortgage loan extension; 8-Change from an adjustable or fixed to a fixed or adjustable term; 9-Deed in Lieu; 10-Extension of the term; or 11-Other agreement with a Lender or mortgage holder. A mortgage modification requires there to be an agreement with the lender. 

Mortgage loan modification can be provided through a law firm or through an organization that is not a law firm.  We believe the law firm model offers better protection for the consumer and therefore only recommend mortgage loan modification offered through a law firm. If services are provided through a law firm, fees may be charged before a modification is completed.  If services are not provided through a law firm fees may only be collected after a modification is obtained.  Performance programs tend to be more costly since the provider is at increased financial risk the provider will not get paid. Sometimes a lender will only be willing to grant a temporary modification which they may or may not make permanent.  Modification options will vary based upon your individual facts and circumstances as well as the lender holding the mortgage. Generally, a consumer must have a hardship and still be able to make payments once their mortgage is modified. The description above is in general terms and may not apply to your particular situation.

CONNECTION TO A LAW FIRM OFFERING CONSUMER MORTGAGE LOAN MODIFICATION 

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