Call Now!
Call Us 414-326-9231 608-260-7133 Text Us 414-326-4709
${site.data.firmName}${SEMFirmNameAlt}

What is a mortgage modification?

Most people were overjoyed when they qualified for a mortgage and found out that their dream of owning a home was coming true. However, that dream can easily turn into a nightmare if mortgage payments become unmanageable.

This is the situation many Wisconsin residents have found themselves in, especially in the wake of the economic recession. Home values plummeted, people lost their jobs or were demoted, and soon homeownership became more of a burden than a blessing. 

The good news is that help is available for Wisconsin residents who are in over their heads with mortgage payments. In fact, it is possible to deal with mortgage debt without losing your home, even during a bankruptcy proceeding.

In many cases, a mortgage modification allows homeowners to solve their mortgage debt problems quickly and easily. Essentially, it involves renegotiating the mortgage with the lender. This could mean a lower monthly payment or even a reduced principal or interest rate.

Although you may have tried unsuccessfully to work with your lender in the past, there are now many programs that make the process easier on borrowers.

For example, there is a mediation program offered by Marquette University that helps homeowners get in touch with their lenders who have been previously difficult to work with.

Because of the government's recent crackdown on the mortgage lending industry, it is now easier than ever to work out a mortgage modification with a loan provider.

For more information on achieving a mortgage modification or what to do when a mortgage modification fails, please visit our Milwaukee Mortgage Modification Lawyers page.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Free Case Evaluation

* indicates required field

Miller & Miller Law, LLC
  • VISA
  • Master Cards
  • Discover
Milwaukee Office map Madison Office map Kenosha Office map

633 W Wisconsin Ave, Suite 500
Milwaukee, WI 53203

Phone: 414-312-6581
Fax: 414-277-1303
Milwaukee Office

2810 Crossroads Drive
Suite 4001
Madison, WI 53718

Phone: 608-260-7133
Madison Office

6123 Green Bay Road
Suite 210
Kenosha, WI 53142

Phone: 262-326-1669
Kenosha Office

Appleton Office
4321 W. College Ave.
Suite 200
Appleton, WI 54914

Phone: 920-280-3838
Appleton Office

Brookfield Office
200 S. Executive Drive
Suite 101
Brookfield, WI 53005

Phone: 262-261-0665
Brookfield Office

Glendale Office
6001 N. Green Bay Avenue
Glendale, WI 53209

Phone: 414-973-8662
Glendale Office

Fax: 414-277-1303 - We also have offices in Appleton, Glendale and Brookfield to better serve you.