Is Mortgage Modification Right For You?
Life would be so much simpler if only your mortgage was a better fit.
It may be possible to make this dream a reality. In The Woodlands, you can turn to Hyde Law PLLC to examine your circumstances, determine if mortgage modification is a viable option, and help you navigate the process.
What Is Mortgage Modification?
A mortgage modification can result in a more favorable interest rate on your mortgage loan and, in some cases, reduce your outstanding principal. Obviously, this is beneficial for a borrower such as yourself, but it is also a good solution for many lenders. After all, would they rather slightly modify the terms of your mortgage and continue to receive payments, or foreclose on the home only to be saddled with property taxes, maintenance costs and other expenses?
Despite that, lenders are typically not in a jovial mood when approached with a mortgage modification proposal. The good news is you do not have to deal with them; you can rely on attorney Hyde to represent your interests and deal with your lenders so you can focus on your family.
Are You Eligible For Mortgage Modification?
There are some eligibility requirements. For example, you must have at least one source of reliable income. Other factors that may influence eligibility or make an agreement more likely include extenuating financial circumstances or being underwater on your mortgage due to your home suffering damage.