When a bank initiates a foreclosure on your home, you might feel like there aren’t any options left before your mortgage lender reclaims your property. Fortunately for homeowners, there’s a way to save their home – a mortgage loan modification.
Remember That Time is of the Essence
The purpose of a mortgage loan modification is to help homeowners who are either already delinquent on their monthly mortgage payments or falling behind on them. The mortgage lender does this by editing the original terms of the loan agreement and reducing the monthly mortgage payment to a manageable amount. Although a mortgage loan modification is a great option for struggling homeowners, it’s important to pursue one right away once the foreclosure process has started. That’s because a mortgage lender can file a complaint with the court, summoning you to file an answer to it within 20 days. If you don’t respond, the mortgage lender could receive a default judgment that automatically allows it to win the case.
Find the Right Legal Help for Your Loan Modification
Even if your case has already gone in front of a judge, it’s still possible to negotiate a mortgage loan modification with your lender. Although the mortgage lender will have more pull in this scenario, you can still win the so-called war. With an experienced attorney by your side, you’ll be able to closely examine and negotiate the terms of your mortgage loan modification so you can save your home. While you’re still able to receive a mortgage loan modification after a consent to judgment has been signed, it’s in your best interest to seek one right away if you’re struggling to stay afloat financially. Your home is worth the effort.