Loan Modification Lawyer
- Navigating through loan modifications can be difficult, but with our seasoned expertise, it becomes a journey you don’t have to walk alone. Our team at Stubbs Perdue brings over 50 years of proven experience to the table. Recognized for our comprehensive understanding of the ins and outs of debt laws in North Carolina, we’re dedicated to providing personalized solutions tailored to your unique needs. If you’re wondering “how to consolidate debt in North Carolina” or “how to modify my loans”. Trust in our expert team’s reputation for reliability, commitment, and compassion. Our firm’s unwavering dedication to client success has transformed many financial setbacks into stories of recovery and hope.
What is a Loan Modification?
- As its name implies, a loan modification is a negotiation with your lender about the terms of your loan, such as a mortgage or car payment, that changes the terms of your loan. The most common way to seek a loan modification is to negotiate a lower interest rate, which would reduce monthly payments. “Loan mods” are a long term alternative to bankruptcy, as you will still be held to the terms of your new loan for the length specified in the agreement.
- If you have missed payments, loan modifications can provide for a “re-capitalization,” which allows for arrears, or missed payments, to be recalculated into a new plan, which may or may not include new interest rates.
- Some modifications allow for a “re-amortization,” which maintains the same final amount of the original amount owed, but lengthens the time in which the debtor has to pay, oftentimes allowing for past due payments to be made up at the end of the payment.
How Can An Attorney Help With Loan Modifications?
- Modifying your loan, especially mortgages, can be a long and difficult process with no guarantee that your lender will accept your proposed modification. Non-attorney debt consolidation or loan modification services often ask for money up front, with no guarantee that their service will provide you with debt relief.
- A bank may still foreclose on your property while you are attempting to modify a mortgage, and it is important to consult with an attorney if your lender is currently pursuing foreclosure.
- Discuss your financial situation with an attorney for free to determine what options are available to you
