Mortgage Modification in Houston, TX
Discuss Your Options with a Houston Foreclosure Defense Lawyer
The housing crisis brought about changes in the way mortgage modifications
are done, and even whether or not a bank will allow the modification to
happen. As you might expect, mortgage lenders often do everything they
can to avoid changing terms that don't work in their favor. At Payne
& Associates, we work tirelessly to ensure that everything that can
be done, is being done for our clients.
If you're struggling to keep up with your mortgage payments and are
considering a mortgage loan modification, call our experienced bankruptcy
attorneys at (713) 766-0333 for a
Details of a Mortgage Modification
The Federal Housing Administration's Home Affordable Modification Program
makes provisions for a mortgage modification to be complete within a 24-month
period. As part of the agreement, lenders should waive late fees and modify
the loan's interest rate to reflect the current market rate. Lastly,
the loan will be re-amortized over a period of 360 months.
Mortgage Modification Eligibility
To be eligible, you must:
- Be able to prove a loss of income
- Show at least one source of reliable income
- Have disposable income that exceeds 15% of your monthly pay
- Have too little disposable income to catch up on mortgage payments within
Why Do You Need An Attorney?
Meeting the qualifications for a mortgage modification may be easy, but
the process of proving it is more difficult. Enlisting the help of an
attorney will give you the knowledge and confidence necessary to put your
best case forward with the bank. Our Houston mortgage modification attorneys
will work with you to find the best solution to your mortgage issues,
helping you potentially avoid foreclosure.
Contact the experienced and supportive attorneys at Payne & Associates to discuss the details of your situation.