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Lake County loan modification lawyersAre you behind on your mortgage? If so, are you getting to the point where you are worried about the possibility of foreclosure? When you are behind on your mortgage payments, things can spiral out of your control very quickly. It is important to realize, however, that you may have options that could allow you to keep your home and to get back in good standing with your lender. One of these options is a loan modification, and a skilled Lake County lawyer can help you apply.

Your Loan Will Not Be Modified If You Do Not Apply

A loan modification, put simply, is an amendment to the terms of your loan so that you can get caught up and back on track with your mortgage. There are different types of modifications available, such as an extension of the loan’s term to reduce monthly payments, interest rate adjustment, and the capitalization of your missed payments. While each type of loan modification is different, they have one thing in common: you cannot get a modification unless you apply for one.

Unfortunately, getting your modification application complete and in front of decision-makers at your lender is not always easy. The individuals who answer the phone when you call are not always clear about what your application package needs to include or whether they have received everything you sent them. The key to resolving the situation is getting the application requirements in writing, sending your application package to your lender—using mail, fax, and email, if necessary—and following up to ensure it is received.

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