Loan Modification in Utah
Many Utah homeowners are struggling to remain in their homes. In some instances, unemployment or other financial issues make it difficult to make mortgage payments. In other cases, falling home values have homeowners questioning the wisdom of paying more money toward a bloated mortgage. But a mortgage modification may solve your housing worries. Talk to a loan modification attorney to learn whether you qualify.
The Basics of Getting Your Home Loan Modified
When a lender approves a loan modification, it's typically doing one of several things:
- Lowering the mortgage's interest rate, particularly if the homeowner is locked into a high interest rate and ineligible to refinance the loan
- Forgiving some of the loan's principal balance, particularly if the home is "under water," or worth less than the value of the loan
- Extending the length of the loan
- Waiving some of the penalties and late fees that have accrued, particularly if the homeowner is facing financial issues—such as unemployment, divorce or medical issues—that make it difficult to make the full loan payments in a timely manner
The result of the mortgage modification: Lower monthly payments, allowing the homeowner to remain in the home and avoid a short sale, foreclosure or personal bankruptcy.
Homeowners who are interested in obtaining a loan modification should be careful and only work with a licensed Utah attorney. Loan modification scams and foreclosure avoidance fraud are commonplace and too many homeowners have lost their money—and even their homes—to criminals and con artists.
Find & Hire a Local Utah Mortgage Modification Attorney
If you're ready to hire a loan modification lawyer, but don't know where to start, you've come to the right website. Use Attorneys.com's free lawyer referral service to quickly get connected with mortgage modification lawyers in your area. Fill out the form on this page to get started, or call us today at 877-913-7222.