LOAN MODIFICATION - The Law Office of Darren Aronow, PC
With the increase of distressed mortgage loans around the country, most banks are now offering a variety of loan modification options. A loan modification is when the bank agrees to modify any of the terms of the original note, which may include reducing the interest rate, extending the term of the loan and reducing the monthly payment. The banks will do this as an alternative to the expensive foreclosure process if you qualify. Often the delinquent payments can be reduced, forgiven or added as a balloon to the end of your loan. In addition, many banks are even allowing for applications of “Short Refinances” or “Short Pay Offs” which will allow you to get a new loan for less than what you may owe and the bank can forgive the difference. This process can be daunting due to the plethora of questions and documents that the bank will usually require and with most banks, may only be done once in the life time of your loan. We have helped hundreds of families keep their home and have an affordable payment to insure their future success. Call us now for a free consultation to get you started on a fresh start with your finances.
Visit our website for in depth perspective - www.dalawpc.com!
Tuesday, April 21, 2009
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