Las Vegas Loan Modification Attorneys
A loan modification is a change to one or more of the terms of an existing loan, such as an interest rate reduction, term extension, a complete loan program change, or a combination of these changes. Loan modifications can be very beneficial to homeowners who can longer afford their mortgage payments due to hardship and insolvency. However, consumers who try to get agreements by themselves may be disappointed.
Experienced Las Vegas Loan Modification Lawyers
At The Schwartz Law Firm we will conduct a comprehensive review of the loan. We will prepare the appropriate documents and negotiate loan modifications. Our Las Vegas, Nevada, lawyers have the knowledge required to present a strong case for modifying a loan. Our experience with foreclosures, bankruptcies and short sales gives us the ability to help clients stay in their homes.
Advantages of Loan Modifications
A loan modification can accomplish the following for homeowners who find themselves behind on their mortgage payments and facing the possibility of foreclosure:
- Lower monthly payments
- Lower interest rates
- Reductions of the loan balance
- Waiver of accrued interest
- Extension of the repayment period
- Rolling past due payments into a modified loans
Homeowners facing a mortgage default or considering short sales may be good candidates for loan modifications. A loan modification can stop foreclosure and ultimately protect the homeowner’s credit rating. Our lawyers advise clients about other options such as forbearance agreements and help them decide whether a loan modification is the right choice for their situation.
Qualifying for Loan Modification
Lenders look for evidence of the homeowner’s ability to make payments after the loan is modified. That is why our attorneys will help clients gather documents that show assets and income. Banks and other lenders also want evidence of hardship. Our law firm helps clients demonstrate such circumstances as divorce or separation, job loss, death of a spouse, illness, relocation, and military service.
