Loan modification is not a myth. It is possible to get your initial loan modified to a more reasonable option for your situation. However, the problem is that often the banks and lending companies will not be reasonable and refuse to negotiate, especially if you have been late or skipped payments. They do not want to foreclose your house but often this is their only option if you are unable to pay the mortgage. Our attorneys will speak on your behalf to prove to your lending company that there is another option to foreclosure- loan modification.

What is Loan Modification?

A loan modification is a change to a loan contract agreed by both the lending company as well as the borrower. Lending companies are not too thrilled to constantly change and update loans. However, our attorneys can work on your behalf to help you modify an existing loan in an effort to help the homeowner out.

The ultimate goal of loan modification is to make an agreement that works for both the lending company and the borrower. In most instances it is much more profitable for a lending company to continue with the loan rather than foreclose the home. Furthermore, rate reductions and fixed interest rates can all ensure that your loan is affordable and that you can make the payments every month. With a loan modification, both the lender and the borrower are happy. There is no risk of foreclosure and no need to declare bankruptcy.

Do I Need a Loan Modification?

There are a number of factors that can affect your current loan. Perhaps you have lost your job and are not bringing in as much money as anticipated. Perhaps you and your spouse have split up causing a mountain of divorce dramas as well as financial confusion. Perhaps you have welcomed a new addition to the family and incurred plenty of ‘baby’ costs. Perhaps you have suffered a serious medical injury and now are dealing with the expenses of surgeries and other medical assistance. Or, perhaps the rising cost of living and the overdue credit card bills are simply taking a toll on your life.

Factors to Loan Modification

Every loan agreement is different. However, some of the things we will look at when determining if loan medication will work for you include:

• The nature of hardship causing mortgage issues
• The ability to pay
• The amount owed
• The equity in the property
• The future financial situation

Our attorneys have years of experience negotiating mortgage plans. We have developed excellent business relationships with lending companies and are more than happy to speak to them on your behalf. It is possible to refinance your home loan without resorting to bankruptcy or foreclosure.

Minneapolis Bankruptcy Lawyer Advice

For more information on the loan modification procedure or how to file for a loan modification, contact the law offices of Heimerl & Lammers. We can provide you with a free consultation and help you determine if loan modification is the best option for you. With nearly 30 years experience, personal and confidential service and our bankruptcy lawyers on staff, you can be assured that your financial future is in the right hands.

Heimerl & Lammers practices in all eighty seven counties of Minnesota including, Hennepin County, Ramsey County, Scott County, Carver County, Washington County, Anoka County, Wright County, Sherburne County, Chisago County, Isanti County, Stearns County, Dakota County, Cass County, Blue Earth County, Olmsted County, Sibley County and St. Louis County.

We represent Minnesota Bankruptcy Law clients throughout the Twin Cities including Minneapolis, Champlin, Brooklyn Park, Brooklyn Center, Eden Prairie, Edina, Excelsior, Hopkins, Long Lake, Lino Lakes, Maple Plain, Minnetonka, Monticello, Mound, Osseo, Otsego, Rogers, Saint Bonifacius, Saint Paul, St Paul, Spring Park, St Louis Park, Wayzata, Woodbury, White Bear Lake, Plymouth, Maple Grove, Eagan, Eden Prairie, Burnsville, Bloomington, Buffalo and throughout Minnesota.