Financial Hardships and Loan Modification

In addition to the many benefits of home ownership, people who own a house, condo, or other type of property often have serious responsibilities. Common duties include maintaining and improving the property, following guidelines set by homeowners' associations, attending to tenants’ needs, and making timely payments on their mortgage loans.

In some cases, homeowners who can prove that they are going through serious financial hardship may be able to modify the terms of their loan in order to save their home from foreclosure. The mortgage lender may allow the terms of the loan to be altered in order to ensure they receive payment for the loan.

For assistance with your mortgage modification request, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C. at 443-546-4608.

Financial Hardship

Persons may have difficulty keeping up with important debts if they experience a life-altering event or other unforeseen problem, including:

• Layoffs/Job-Loss
• Serious Illness
• Injury
• Medical Bills
• Divorce
• Death of a Spouse
• Required Military Service

In some cases, banks and mortgage lenders may require homeowners to show proof of serious financial hardship before they will consider modifying the terms of a mortgage note. If they are persuaded, they may delay foreclosing on the home to allow its current owner time to repay his or her debts. They may also be willing to re-negotiate the interest rate or other terms of the loan.

Contact Us

If you are experiencing serious financial hardship and are considering mortgage modification, contact the Maryland mortgage modification lawyers of Chaifetz & Coyle, P.C. at 443-546-4608.