If you are struggling to pay your mortgage, you are not alone. Millions of Americans are one paycheck away from facing foreclosure of their homes or businesses. Fortunately, an attorney from Guerra | Days Law Group will inform you about the several options available for your situation, such as a mortgage loan modification. Our founding attorneys personally experienced the struggles of families during the 2008 mortgage crisis and successfully provided financial solutions. Do not let unpaid mortgage payments prevent you from obtaining financial freedom. We want to find the right solution to assist you in bringing your mortgage current, and ultimately save your home. Consult an experienced mortgage loan modification attorney from Guerra | Days Law Group today.
What is a Mortgage Loan Modification?
A loan modification, or mortgage modification, is when the mortgage company handling the loan agrees to restructure the terms or agreement of a mortgage with the homeowner to adjust the payment amounts. This usually occurs when an unexpected life event changes the homeowner’s ability to make their payment. An attorney from Guerra | Days will explain how mortgage modifications can be extremely useful to the homeowner in this situation. A skilled mortgage loan modification attorney from our firm will mediate the mortgage which will lower interest rates on the loan, reduce the balance owed on the loan or extend even extend the term of the loan.
Eligibility for Mortgage Loan Modification
Generally, Houston homeowners should consider a mortgage modification if:
- Can prove a loss of income
- Can show at minimum, one source of reliable revenue
- Has extra income which is more than 15% of your monthly expense
- Does not have extra income to make mortgage payments within 6 (six) months
- Affected by Coronavirus (COVID-19
- Cannot refinance your loan
- Home experienced water damage and the value of the home is less than your loan balance
- Decrease in income since last mortgage
- Locked in a high mortgage interest rate
- Change in your financial situation due to extenuating circumstances
There may be other situations which may allow you to qualify for a mortgage modification in Texas. Houston homeowners should not worry because we will work with your mortgage company to acquire the loan modification you need.
Options for Houstonians when Coronavirus (COVID-19) affects your Mortgage
Coronavirus (COVID-19) continues to disrupt communities around the world. Here in Texas, the disease has spread into our major cities, including the city of Houston. Houston homeowners are struggling to pay bills, including mortgage payments and as more businesses close, recently terminated homeowners are concerned with housing costs and their affordability.
Local and state governments are taking substantial steps to provide relief to homeowners in Houston and across Texas. The effect of these measures have led to temporary suspension on evictions and foreclosures in certain counties throughout Texas with the hope of lessening homeowner’s financial burden. Therefore, it is imperative for homeowners in Houston to know the different types of relief afforded by their local government. It is also important for Houston homeowners to remember, the relief measures are temporary and will not provide a long term solution.
Homeowners in Houston should not fear loss of their home due to the spread of Coronavirus (COVID-19) because there are some of us still open for business. The attorneys at Guerra | Days Law Group are proactively offering help to troubled homeowners with legal assistance in eviction and foreclosure proceedings across the entire state of Texas. We are here to help Houstonians find the best possible solution now. Contact our offices in Houston or San Antonio today to schedule a free appointment with any of our qualified attorneys.
Am I Entitled to a Mortgage Loan Modification?
No, any Houston mortgage loan modification attorney will inform you how no one is entitled to loan modification because mortgage companies are under no obligation to modify your loan to help you. In fact, due to rising real estate values, some mortgage companies would be happier to foreclose your property than see you pay off the balance owed to them. Having a Houston loan modification attorney handle the process for you makes mortgage companies far more likely to cooperate and gives you the best opportunity to save your home or business.
While anyone can ask their mortgage company for a mortgage loan modification, the process is long and strenuous and there are many pitfalls to avoid. Additionally, these companies are not going to help you if they know you are one in error and not them. A skilled Houston loan modification attorney can guide you through the complicated process and ensure you have the best chance at modifying your mortgage to your individual needs.
Why Guerra | Days Law Group?
Because Guerra | Days Law Group is here to protect your interests. Our firm’s mortgage loan modification attorneys have been helping Houston homeowners save their homes and businesses via loan modifications since 2010. During the 2008 mortgage crisis, our firm’s senior attorneys were in the war field, successfully helping families bring their crisis to an end before the official formation of Guerra | Days Law Group. Now, as a well established, trusted firm, our firm’s representation will ease your financial burden. So if you are in need of assistance, do not hesitate to contact our firm today and set up a free consultation to decide if a mortgage loan modification may be the choice for you.