Nearly every American dreams of owning their own home. Most people are able to accomplish that dream through hard work and careful financial planning. However, things go wrong sometimes and the primary wage earner in the family is no longer able to make the mortgage payments, either permanently or temporarily. If one of the adults who live in the home dies or becomes permanently disabled, it could take some time for the other spouse to recover financially so they can make the payments on their own.
Unfortunately, lenders are not always sympathetic to these types of problems and will often take steps to foreclose on a property if the homeowners are unable to make three consecutive payments. It’s important for people in this situation to know that they have options. They don’t have to give up their home if they are able to make payments, even if those payments are less than the amount agreed upon. With the help of loan modification services, families might be able to stay in their homes and make an affordable monthly payment.
Loan modification services are commonly offered by lenders but, because they entail changing the terms of the loan, few people are approved when they request this option on their own. However, with the help of a lawyer who has experience working with mortgage companies to prevent foreclosure, a family may be able to get an approval and move forward with their lives.
Any family that is struggling to make the payments on their home loan should determine whether they qualify for loan modification services before they resort to bankruptcy. By visiting website, homeowners can learn about this option and schedule a consultation with an experienced attorney to discuss whether it could be the right choice for them.
Unless the family has no source of income and truly cannot afford to live in the home, there is no reason to lose it to foreclosure. There are just too many options out there available to people in this dire situation. An attorney may help a family decide whether loan modification or bankruptcy is the best option to help them get back on their feet.