Frequently Asked Questions About Loan Modifications
Loan modification is a method for homeowners to keep their homes when they are unable to make their mortgage payments. Loan modification can be confusing for homeowners to handle on their own. It is important to have access to a skilled and knowledgeable lawyer who can explain what a loan modification is.
The attorneys at The Law Offices of Richard B. Rosenblatt, PC, have the knowledge and experience to answer all the questions you have about getting the terms of your mortgage changed so you can afford them. Call our Rockville office at 301-637-0402 to learn more about how a loan modification could help you keep your home.
Do I Qualify For A Loan Modification?
To qualify for a loan modification, you need to show that you have a legitimate financial hardship. For example, you may qualify if you are facing foreclosure or behind on your mortgage payments.
What Are The Alternatives To Loan Modification?
If you do not qualify for a loan modification, bankruptcy is another option that allows you to keep your home. Learn more about how you can protect your assets through Chapter 7 and Chapter 13 bankruptcy by calling our law office today.
Can I Apply For A Loan Modification On My Own?
The federal government has become more vocal in encouraging lenders to provide options for people at risk of foreclosure. This has caused more and more lenders to approve loan modification requests. Experienced representation is required, however, to make sure efforts to modify your loan have the greatest chance for success. It can be more difficult for us to obtain a loan modification with certain lenders if a previous loan modification has been denied.
What Documents Do I Need To Make A Loan Modification Request?
Our legal team commits helping you navigate through the maze of requesting a loan modification. We will work with you to make sure your lender receives all the relevant documentation, including:
- A hand-written letter explaining your hardship — we will assist you in preparing this letter after you provide an initial draft
- Two current pay stubs for you and your spouse and (any other borrower on the loan)
- The two most recently filed federal income tax return (or proof of filing extension)
- Two months of current bank statements for all accounts
- A completed authorization document to disclose information to your attorney
- The most recent correspondence with your mortgage servicing company
- Your most recent mortgage statement and account information
- A completed financial statement signed by the borrower and co-borrower, if any
We will gather all the documents needed to see if you meet the qualifications to enter a loan modification program.
If You Still Have Questions, Contact Us
Contact our law firm online or call 301-637-0402 or toll-free 866-930-0413 to schedule a free initial consultation about what options are available to save your home. We serve clients in Maryland, Virginia and Washington, D.C.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.