Mortgage Modifications in Kentucky
Are you behind on your mortgage payments? Or maybe about to fall behind? You’ve tried to work with your lender, but they keep saying no. It can feel like you’re stuck in a never-ending nightmare where you’re struggling to make your mortgage payments and you don’t know what to do. W. Ron Adams Law is here to help.
We are experts in mortgage modifications in Kentucky and can work with your lender to get them to agree to a deal that will help you get caught up on your payments and avoid foreclosure. Contact us today to set up an appointment.
What are Mortgage Modifications?
A mortgage modification is a permanent change to one or more terms of your home loan. Mortgage modifications are done to make your payments more affordable. The three most common types of mortgage modifications are: lowering the interest rate, extending the life of the loan, and changing the type of loan. For example, you may be able to modify your 30-year fixed-rate loan to a 40-year loan. This would lower your monthly payment, but you would pay more interest over the life of the loan.
Mortgage modifications can be a good option for homeowners in Kentucky who are struggling to make their monthly payments. If you are interested in modifying your mortgage, consult with us about the options that you think will suit your monthly budget.
How do mortgage modifications work?
The modifications of your mortgage can be made by the lender or the borrower, but they must be agreed to by both parties. We help you to figure out the best mortgage modification option that will not put a burden on your monthly expenses. Once you talk to us, we will ask you about your monthly income and expenditure and the repayment amount of your loan.
Next, we will create a repayment plan after analyzing your expenses and see how much you can save every month. If you are okay with the repayment plan, we can talk to your lender on your behalf and try to crack the deal.
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Tips for mortgage modifications
It’s important to speak to the lender if you want to modify your mortgage loan. There are several things to keep in mind if you’re indeed seeking a modification. First, we will contact your lender and explain your financial situation. Being honest and open about your current income and expenses is crucial in such cases. Next, we’ll need to provide supporting documentation, such as pay stubs or bank statements. Once your lender has reviewed your information, they will let you know if you qualify for a modification. If so, they will work with you to modify the terms of your loan. Mortgage modifications usually take some time to process, so it’s important to be patient with your lender throughout the process.
If you are a Kentucky homeowner who is struggling to make your mortgage payments, or if you have already missed payments and are facing foreclosure, please call W. Ron Adams Law for a free consultation. We make mortgage modifications in Kentucky that help people keep their homes. Call us today at (859) 727-1000 to learn more.
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