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  Litigation - Loan Modification
LoansIf you can afford your home but can’t afford the terms of your mortgage, then a loan modification may be a real option for you. Loan modifications can help a homeowner avoid foreclosure or bankruptcy and ultimately improve your credit score. What is mortgage loan modification?This term relates to any changes in the terms and conditions of a loan made by a lender on the request of the homeowner. When you are unable to make the terms of your loan, you can request the lender to either reduce the rate of interest or increase the loan repayment period or do both. The ultimate goal is to make the loan affordable for the long term. Loan modifications can be extend for a temporary period of time or as a permanent change to a loan. The lending companies review your financial situation thoroughly weighing all the pros and cons of changing the terms of your loan. Loan modification is also useful for lenders, as it is better than default of payment or the lender’s cost of foreclosure on the home. Until recently, loan modifications were only given to borrowers who were behind on payments and had documentable hardships such as loss of employment, serious illness or death in the family. Borrowers are able to get loan modifications from lenders because rate adjustments have made many loans unaffordable. Starting the loan modification process earlier rather than later helps borrowers obtain the most favorable terms. Most important for a loan modification submission is the existence of a documentable hardship. Even if the hardship is temporary, the most important aspect of the hardship is that it must be provable. The following are some examples of documentable hardships for mortgage loan modification:
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