While financial problems can be a relevant topic at any time, the 2020 Coronavirus Pandemic has brought increased financial mayhem to many. Debt and financial instability have become an increasingly alarming concern, and a daunting percentage of American homeowners are concerned about foreclosures.
A loan modification can provide an alternative to foreclosure, offering a way to get rid of the stress that comes with a reduction in income. Offering hope and brighter options when facing sudden financial upheaval, a loan modification can be an optimistic solution.
A loan modification requires several steps:
- Document requests: A large number of documents, filled out to certain specifications and delivered within a certain period of time.
- Continue payment of your mortgage: The current loan payments must continue, regardless of loan modification status. Default on the mortgage payments during the loan restructuring may result in a lawsuit.
- Not using an attorney can be trouble: Hire an attorney. With a wide variety of loan modifications, applying for the incorrect modification can result in stress, frustration, and even end in being declined during the process. Loan modification comes in many forms, and an attorney can provide guidance and assistance in order to correctly apply for the appropriate type of loan modification.
There are many aspects involved in navigating the loan modification process. While loan modification can be a demanding and exasperating undertaking, a skilled and experienced attorney can help to make the proceedings more palatable, and they can help to maneuver the complicated legal processes involved.
The Law Offices of Michael Alan Siddons, Esquire now offer their clients the benefits that come with hiring an experienced attorney to assist and guide them during difficult times.
“At Siddons Law, you will be taken through the whole process. We will talk you through the different plans and guide you on every step to take until the mortgage modification is successful. We create a valuable relationship with all our clients, looking to enhance the communication between the parties in the loan modification process.”
When considering utilizing a mortgage modification, Siddons Law can help to ensure the best outcome out of a difficult situation. When a homeowner has an expert legal team at their side, they can enjoy the confidence that experience and knowledge can bring to the table.
For a consultation to discuss loan modification options, contact the Law Office of Michael Alan Siddons, Esquire at (610) 255-7500, or visit their website.