THE IMPORTANCE OF MORTGAGE MODIFICATION DURING THE PANDEMIC
If you have been financially affected due to the coronavirus (COVID-19) pandemic or for any other reason, the law might be able to assist you in obtaining mortgage modification.
Borrowers who want to retain their homes but are unable to make their mortgage payments and have exhausted their deferral options may apply for a mortgage modification. A mortgage modification is an option that reduces or extends the terms of a home loan to modify the monthly payments more manageable for the borrower.
If you’re having trouble keeping up with your mortgage payments or have received a notice, a mortgage modification could help you minimize your payments and potentially avoid foreclosure. It is preferable to act quickly until the situation worsens. The sooner you start, the fewer options you would have when bargaining mortgage terms with the lender.
