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Mortgage Modification
Attorney in Houston, Texas

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, get in touch with me as soon as possible.

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 six months

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.