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LOAN MODIFICATION LAW ATTORNEY
IN BEND, OREGON



Is a loan modification right for you?

Are you qualified for a loan modification? What type of paperwork is required? You have options. Before taking the bankruptcy route, check with us to see whether a loan modification is the right first step.

A loan modification is where your current lender modifies the terms of your current mortgage with the goal of providing terms that will work for you. This usually includes lowering the interest rate of the loan and reducing the monthly payment. Since this is a modification of an existing loan, and not a new loan, no closing meeting is required.

This option is available if you are delinquent on your payments. If it is right for you, it will generally result in less damage to your credit than a foreclosure or a bankruptcy. We can work with you and your lender to help secure terms to help keep you in your house.

Yes it is possible to obtain a loan modification yourself, but without industry experts on your side, it could become a very long, expensive, even futile process. You need a plan.

Loan modifications do not require a government subsidy or bailout.

from Paul Heatherman's legal blog:
If you want to keep your house, and if it makes sense to do so, then you need to be considering a loan modification. Typically, you'll get a lower interest rate and payment, the rate will be fixed, and any amounts past due you owe - more often then not- gets rolled into the principal balance. But do not apply for a loan modification when you're far into the lawsuit process. Do it soon. At some point, especially if the bank gains an advantage in court (for example wins on a motion), the homeowner will lose the leverage to settle via a loan modification. Fight it right, and fight it early.


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