Facing the loss of a home can be a nightmare for a homeowner who has diligently worked to make their mortgage payments on time. Once a person grows behind on their payments, their mortgage holder can begin the process of foreclosure. People facing the loss of their home need to be aware of their options; one being working with a loan modification law firm in Bowie.
What Is Loan Modification?
A loan modification permanently changes the terms of a loan to make the borrower’s payments more affordable. Loan modification is sometimes pursued while a person is under chapter 13 bankruptcy, which is a bankruptcy type that helps homeowners avoid the loss of their home to foreclosure.
Before a paerson makes any financial decisions on modifying their loan, it is vital that they meet with a loan modification law firm in Bowie. A lawyer can help a person discover their options and determine which will be most viable for helping them avoid the loss of their home.
What Is Chapter 13?
Chapter 13 is sometimes a viable option for homeowners who are in danger of losing their home to foreclosure. It is imperative a person acts quickly and schedules an appointment with the loan modification law firm in Bowie. The sooner an appointment is scheduled, the better the chances of the lawyer being able to help their client avoid further collection activity from their creditors, including their mortgage holder.
The lawyer will help their client determine if they are eligible for a modification to their loan so they can better afford their monthly payments. This can end up saving a homeowner hundreds and even thousands of dollars each year on their mortgage payments. Government programs are in place to help homeowners avoid the loss of their home so it is imperative a homeowner learns all they can by meeting with a lawyer.
To learn more about your legal options for avoiding foreclosure, visit website. If you would like to meet with a lawyer, call the office right away so you can schedule your appointment. They will be happy to help you get started.
