Media, Pennsylvania Loan Modification
People face different financial challenges that may attract many other complications as well. Foreclosure is one of the most deteriorating situations, yet the highest possible outcome when you fail to repay loans or clear off your debts. The good news, albeit, this possibility and many more, is that loan modification is an alternative to eliminate the stress and hassles that come with reduced income and loan repayment issues.
Most American families enjoy the good sides of mortgages while also having the most significant share of troubles settling the payments. Tough times that call for unpredictable financial burden see most families failing to pay their mortgages. And the most painful results are foreclosures, which also come with complications that the lenders themselves will want to avoid at all costs. That brings us to the question of what is the way forward.
Pennsylvania Loan Modification
Regardless of the financial situation, you may be facing, notably, mortgages, there is hope. A loan modification is a solution that will save you a great deal when you have been paying your loan consistently for several years. Ideally, loan modification is not a new thing, and it is widespread as people use it to reduce their monthly payments. When you are looking for this restructuring of debt in Media Pennsylvania, you should get the assistance of a lawyer or a reputable attorney.
In essence, this process is not as easy as it may sound. It involves a series of paperwork, negotiation, and an understanding of bankruptcy and loan repayment laws. Your guess is as good as everyone else’s is; a lawyer is the only one with the expertise to help you. Since loan modification is straightforward and a win-win situation for you and the lender, a lawyer can help both parties reach suitable terms.
In any other field, notably regarding debts and credit matters, some exceptional lawyers are only fit to handle them. Media, Pennsylvania loan modification lawyers, are so many, and as you will please or find it suitable, hire the best. Nonetheless, Siddons Law is the top-rated firm with the best loan modification lawyers. So when you are looking to hire such services, come to us and enjoy the following benefits, which in the end will see you modify your loan repayment plans successfully.
Handle Documents and Paperwork
Taking You Through the Process
Experienced and Expert Assistance
Available Loan Modification Plans
- In-House modification programs: In- House modification programs are those that the terms depend on the lender. This means that your lender does not participate in the usual modification programs and has their own words you will have to comply with.
- Share Appreciation Modification Program: In this program, your lender will agree to bring down your principal, bringing down the loan value close to the market value of the property, making it easier for you to pay. If the property price increases in value over time and you decide to sell, the lender will be entitled to a certain percentage of the selling price.
- Home Affordable Modification Program (HAMP): In this program, negotiation is done so that payment is made more affordable by making adjustments to key loan payment factors such as interest rate, extending the term of the loan, or delaying repayment and interest accumulation on a portion of your principal. HAMP can significantly help reduce the loan payment.
- HAMP Tier 2: People who had taken a HAMP and defaulted it are the most common pursuers of this loan. HAMP Tier 2 is an expanded loan modification program set to help more homeowners to be able to qualify for a modification. Unemployed people can also seek this modification, which can allow them a 12-month tolerance from the loan.
- Second Lien Modification Program (2MP): At times, you may have more than one loan in your hands. This program will allow us to help you apply for HAMP in more than one of your mortgages at the same time. This will save you a lot of time, money, and energy in your search for a loan modification.
FOR A FREE CONSULTATION TO SEE IF BANKRUPTCY IS RIGHT FOR YOU, CONTACT OUR FIRM TODAY
The decision to file for bankruptcy is an important one and should not be made without a careful consideration of all of the relevant facts. While bankruptcy can certainly provide a fresh financial start and eliminate debts, it is not advisable in every case. For this reason, if you are considering filing for bankruptcy, you should hire an attorney to file chapter 7 as soon as possible. Michael Alan Siddons is a skilled bankruptcy attorney who understands how to take full advantage of the bankruptcy code to ensure his clients keep as much of their property as possible while obtaining a discharge of their debts. To schedule a free consultation with Mike, call our office today at 610-255-7500. If you would prefer to send an email, please fill out and submit our online contact form. Our firm is based throughout Media, PA; Rising Sun, MD & Staten Island, NY.
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