I am struggling with my mortgage. Can I get a loan modification?

You may be able to pursue a loan modification in Georgia if you can come to an agreement with your mortgage holder. A loan modification occurs when you two can agree to change the terms of your mortgage.

As explained by Georgia’s Office of Attorney General, some of the terms you may consider changing include the following:

  • Changing the interest rate
  • Making the length of the loan longer
  • Adjusting the remaining balance on the principal

Often a permanent loan modification will mean that your monthly mortgage payment becomes smaller and more within your means.

Additional familiar documentation submissions

If you decide to request a loan modification, you will essentially be providing much of the same documents that you likely provided when you applied for your original mortgage. Such documents often include the following:

  • Your personal and family information
  • Proof of your employment and length of time with your employer
  • Your other financial information
  • Your tax returns

After you submit your request and the documents your mortgage holder wants, it is out of your hands.

If your financials meet the criteria that the company’s policy currently requires, then it will agree to modify. If they do not, however, the company will deny your application. This means that your existing contract continues, difficulties and all.

Loan modification request does not prevent foreclosure

If you are in danger of experiencing a foreclosure, it is important to realize that a pending request for loan modification does not prevent that. The foreclosure department may be pursuing foreclosure while you are awaiting loan modification. As such, if you receive notice of foreclosure proceedings, you must take action accordingly if you hope to prevent it.

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