The Law Office of Jeffery R. Jones, P.C.
123 E. Washington St.
Howell, MI 48843


Monday - Fridays 9:00 am - 5:00 pm

1-248-865-5000 Monday - Fridays 9:00 am - 5:00 pm

Monday - Fridays 9:00 am - 5:00 pm

Jeffery R. Jones P.C.Over 40 years of experience as a
practicing attorney

Mortgage Loan Modification

A Loan Modification, otherwise known as mortgage modification, mortgage loan modification, or home loan modification is the process of modifying your existing loan to make your payments more affordable. The purpose of a loan modification is to provide you with a mortgage payment you can afford. It's actually very similar to a mortgage refinance but instead of finding a new mortgage that you can afford, this just modifies your current mortgage into something you can fit into your budget.

Loan modification is very helpful to those in times of great financial distress. It offers numerous benefits and can get you out of debt. Some of the primary reasons for a loan modification are to:

  • Lower your monthly payments
  • Lower your interest rate
  • Fix your adjustable rate
  • Reduce your loan balance
  • Waive negatively accrued interest
  • Grant extensions on payments
  • Re-amortize loan to include past due payments
  • Possibly save your home from foreclosure

Dealing with lenders can be difficult for several reasons: You can get different answers from the different customer service representatives each time you contact your lender. And customer service representatives are not equipped with the necessary tools to be able to assist you. To be able to get the best Loan Modification, you need the proper legal assistance.

An attorney skilled in Loan Modification Attorney will review your case from a legal perspective. The Attorney will know how to deal with your lender, and will help you prepare your application so it's processed quickly. When the Attorney presents your case, he will be armed with all the necessary documents & the correct negotiation techniques.

Loan Modification Attorneys get the best results. Your lender will take your Loan Modification request more seriously when you have an Attorney on your side, because an Attorney uses legal information as leverage when negotiating.

And an attorney can buy you more time. If you try to get a Loan Modification on your own it's very possible that they will be transferring you from one department to another without making any progress. And if you already are in foreclosure, you can't waste any more time. A Loan Modification Attorney can stop the foreclosure proceedings, giving you more time to recover while he concentrates on saving your home.

A Loan Modification is like going to court. You can save money by requesting a public Attorney, or you can invest on a professional one and get the best assistance and representation possible.

The most common standards for qualifying include having missed a payment, having experienced a recent financial hardship or change, owning a property and not having filed for bankruptcy.

Getting a loan modification can be a less demanding process when you have a skilled attorney. When you hire a lawyer, the attorney client privilege is created and the lawyer has a fiduciary responsibility to perform his services in your best interest. This standard is much higher than the standard a normal loan modification company would have. Additionally, the expertise of the lawyer in dealing with the banks and the nuances of real estate law necessary to get you the best loan modification is paramount to ensure you achieve the lowest payment possible. Negotiations can become intense and a trained lawyer fighting for your cause is necessary.

The first thing you need to do is prove that you need real mortgage assistance. That’s why you need a attorney. Your lawyer will help you plan your appeal and persuade your lender that you can stay current once the loan is modified. They’ll also check your contract for RESPA and TILA violations committed by your lender, which can be made to work in your favor.

Your lender may offer a temporary solution that only delays foreclosure. But remember, loan modification is supposed to be a long-term fix. A good Michigan loan modification attorney will not settle for unfair terms, and will keep negotiating until you get the mortgage assistance you deserve.

Let the professionals at the Law Office of Jeffery R. Jones properly handle your mortgage loan modification situation.

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